CELTICS UP FOR SALE?!

This is starting to sound a lot like what Mark Cuban did last year in selling the Mavs.  I've seen him more in the last year than I have all the years previous!!

db

https://www.si.com/nba/celtics/top-stories/fenway-sports-group-releases-statement-on-interest-in-purchasing-celtics-01j22pk2jrdm



Fenway Sports Group Releases Statement on Interest in Purchasing Celtics



Bobby Krivitsky | Jul 5, 2024



Oct 25, 2019; Boston, MA, USA; Boston Celtics owner and governor Wyc Grousbeck sits with Boston Red Sox principal owner John Henry during the first half in a game against the Toronto Raptors at TD Garden. Mandatory Credit: Bob DeChiara-USA TODAY Sports / Bob DeChiara-USA TODAY Sports



The shocking news that the Celtics are up for sale arrived two weeks after the franchise captured Banner 18.

Boston Basketball Partners L.L.C., the team's ownership group, intends to sell all of its shares of the Celtics.

In a press release, they stated, "The managing board of the ownership group expects to sell a majority interest in 2024 or early 2025, with the balance closing in 2028, and expects Wyc Grousbeck to remain as the Governor of the team until the second closing in 2028."

Steve Pagliuca recently said of those plans, "Being a co-investor and Managing Partner of the Celtics has been a great honor and a labor of love. I hope to be part of the Celtics moving forward and will be a proud participant in the bidding process."

Another potential suitor is Fenway Sports Group, whose portfolio includes the Boston Red Sox, Liverpool FC, and the Pittsburgh Penguins. It's no secret that this entity would like to purchase an NBA franchise.

With speculation swirling about their interest in purchasing a majority stake in the Celtics, who are staring down the prospect of fielding the most expensive roster in NBA history come the 2025-26 season, a team that could cost in the neighborhood of $450 million in payroll and tax payments when factoring in repeater tax penalties, Fenway Sports Group released the following statement, per Jen McCaffrey of The Athletic.

"We greatly admire and respect the Celtics organization, its players, and its amazing fans, but have no comment on the forthcoming bidding process."

Fenway Sports Group is third on Forbes' list of the world's most valuable sports empires in 2024, with a $12.95 billion valuation.

The Celtics are worth an estimated $4.7 billion, per Forbes.


Bob


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I had addressed the John Henry rumor in another thread.

As I said there, he may be too busy screwing up the Red Sox, Penguins and Liverpool to go any further right now. Hopefully.

gyso wrote:dboss,

Enjoy the fried clams.  I miss them more than real lobster.

Those fried clams with the bellies are the best. I live down at the Jersey shore and they are very hard to find. Got to go to New England to get them.

Yeah, that all sounds like no change in ownership or the face of the owner for quite some time.  

db

https://nypost.com/2024/08/08/sports/lebron-james-could-end-up-a-celtics-owner-as-fenway-sports-considers-purchase/


LeBron James could end up a Celtics owner as Fenway Sports considers purchase: sources


By Josh Kosman

Published Aug. 8, 2024, 3:57 p.m. ET



There is a chance the Celtics and Red Sox may soon have the same owner.

Boston Red Sox Owner Fenway Sports Group and RedBird Capital that partner closely with LeBron James are seriously considering bidding for the Celtics, sources close to the situation said.

James, who still stars for the Lakers, could not be a part of Celtics ownership now, sources said.


Fenway Sports Group, LeBron James are considering a run at buying the Celtics.
Getty Images


But with the sale being a two-step process — where 49 percent of the team isn’t sold until 2028 — he could easily still end up being an owner of the Lakers’ hated rivals as the 39-year-old should be retired by that time.


The Celtics have just hired JPMorgan and BDT & MSD Partners to begin the sales process, as reported Thursday by Sportico.

Australian breakdancer becomes internet sensation after head-scratching performance at Olympics
Even though the team basically makes no money, the defending NBA champions are seeking a record $6 billion price, sources said.

Besides owning the Red Sox, Fenway also owns the NESN sports cable network.

Airing Celtics games on NESN would give the network a strong year-round offering though the Celts are now in the middle of a media deal with NBC Boston that doesn’t reportedly expire until 2038.


Fenway, RedBird Capital and LeBron are currently working on bringing an NBA franchise to Las Vegas which would include a new arena.

James, officially a billionaire since 2022, has made little secret that he would like to follow Michael Jordan’s path of owning a franchise (Jordan sold his controlling stake in the Charlotte Hornets in 2023) and in October teased about building one in Vegas.

If the consortium pivots to the Celtics in the coming weeks they would likely move on from the Las Vegas idea.

Fenway already owns the Red Sox, the Liverpool soccer team and the Pittsburgh Penguins.


Fenway Sports owner John Henry
Getty Images


There will be other suitors.

Long-time Celtics minority owner Stephen Pagliuca said last month he wants to bid for the the team. In 2017, he made a serious offer to buy the Nets but lost out to Joe Tsai, as The Post exclusively reported.

Pagliuca already owns about 20 percent of the Celtics and could roll over his stake and pay a smaller amount than rivals.

There are also rumors about the Kochs.

Julia Koch and her three children — David Jr., Mary Julia and John — acquired a 15-percent stake in the Nets at a $3.8 billion valuation in early June, as The Post exclusively reported.

However, the Celtics were unexpectedly put on the market weeks later after the team won its record 18th NBA title, perhaps leading to buyer’s remorse by the Kochs.

Boston Celtics selling owner Wyc Grousbeck met David Koch at a party in recent weeks sparking rumors, two sources said.



The Celtics do not own TD Garden Arena
Anadolu via Getty Images


The family wants to own an NBA franchise and not just be minority partners, sources said.

They also want a team close to their New York City home.

Several NBA sources said they could see the Kochs, who are worth more than $60 billion, making a run. However, two sources close to the family said they are happy with the Brooklyn stake and are not interested.

Grousbeck is putting up 51% of the team for sale now and the remaining 49% around the time he resigns as the team’s governor in 2028, he said in a July 8 CNBC interview.

“This is going to be quite a bidding process,” he said. “We’re going to try to find the right buyer.”

The Celtics are well over the league’s salary cap and face a record-breaking luxury tax of $280 million heading into next season, NBA sources said.

After signing stars Jayson Tatum and Derrick White this offseason, the Celtics in 2025-26 are projected to have $513 million in combined salary and tax penalties.

That easily breaks the Golden State Warriors $388 million record for the combined costs from last season, ESPN reports.

The Celtics do not own TD Garden Arena so a new owner at least for some time would likely need to fund the financially struggling team, sources said, as the team makes no money from concerts and other arena events.

The NBA has seen franchise prices soar in the past few years, with Mat Ishbia paying a record $4 billion to acquire the Phoenix Suns in 2022.

Fenway and RedBird declined comment. James, who is currently playing for the US in the Olympics, could not be reached.


Bob


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RosalieTCeltics wrote:Please God, NO...............John Henry will destroy this team singlehandedly. Look what he did to the Red Sox, traded away some of the most talented players Red Sox had developed.  Just because he did no want to pay.  Just what the heck will he do to the Celtics.  A mess

I agree Rosalie, John Henry would be a disaster for the Celtics.

It could be a relatively long process before a buyer can be found. It really almost has to be a very large acquisition group. At least for the majority stake. There aren’t many smaller partnerships that are ever going to be able to swing this one. That’s probably why John Henry’s group pops up in the rumor mill. There doesn’t seem to be much beyond speculation that there is any interest there so far.

Whoever does buy in can expect to lose money for several years, so it needs to be a group with long term expectations and staying power. That, of course, is a major consideration in why the sale is proposed as a two stage deal.

NYCelt wrote:It could be a relatively long process before a buyer can be found. It really almost has to be a very large acquisition group. At least for the majority stake. There aren’t many smaller partnerships that are ever going to be able to swing this one. That’s probably why John Henry’s group pops up in the rumor mill. There doesn’t seem to be much beyond speculation that there is any interest there so far.

Whoever does buy in can expect to lose money for several years, so it needs to be a group with long term expectations and staying power. That, of course, is a major consideration in why the sale is proposed as a two stage deal.

Agree NY Celt

The thing I don't fully understand is if Wyc will actually be calling the shots until 2028? I certainly hope so. My other hope is that Wyc will pick an owner like himself that makes winning the top priority.

Celtics17 wrote:

NYCelt wrote:It could be a relatively long process before a buyer can be found. It really almost has to be a very large acquisition group. At least for the majority stake. There aren’t many smaller partnerships that are ever going to be able to swing this one. That’s probably why John Henry’s group pops up in the rumor mill. There doesn’t seem to be much beyond speculation that there is any interest there so far.

Whoever does buy in can expect to lose money for several years, so it needs to be a group with long term expectations and staying power. That, of course, is a major consideration in why the sale is proposed as a two stage deal.

Agree NY Celt

The thing I don't fully understand is if Wyc will actually be calling the shots until 2028? I certainly hope so. My other hope is that Wyc will pick an owner like himself that makes winning the top priority.

Great question.

Their proposed sale structure is 51% initially, and 49% in 2028. That would seem to give up controlling interest, at least financially, upon the initial sale. Who knows, though? Sales don't always go as planned. There could be a host of changes to the proposed sale, and who holds sway over operations, before a deal is consummated. And yes, I used that last verb purposely as a double entendre!

RosalieTCeltics wrote:Since it was pretty clear Wyc was not too happy with this decision, is there a chance he rolls his share of the sale in with other potential buyers (Pags) and others I am sure, to keep his hand in the cookie jar???

Interesting thought. I'm not sure how something like that would work. Since Wyc receives a nice sum at the first closing he's going to have quite a bit of spare change to play with.

RosalieTCeltics wrote:Since it was pretty clear Wyc was not too happy with this decision, is there a chance he rolls his share of the sale in with other potential buyers (Pags) and others I am sure, to keep his hand in the cookie jar???

This was my thought also. It seems Wyc loves being Celtics owner, I don't know why they can't restructure the current ownership? I am sure there are all kinds of rules and regulations.

Despite Bob Heckler and I offering our combined fortunes to buy the Celtics, it seems we have been slightly outbid by Jeff Bezos. Is this a good thing or a bad thing? Bezos' deep pockets might actually be better for the Celts since after the initial purchase price, I'll have scant reserves left over for future deals.