Potential buyers are showing hesitation over the Boston Celtics’ $6 billion asking price, according to John Kosman of New York Post. The team’s soaring payroll has reportedly caused tension within the Grousbeck family.
Irving Grousbeck, who owns a controlling 20% stake, is reportedly reluctant to bear further financial losses. Wyc Grousbeck, his son, orchestrated a high-cost roster to secure the Celtics’ 18th NBA championship.
Following the championship, Wyc Grousbeck put the team up for sale. This decision came as a response to financial strains and significant luxury tax penalties.
The Celtics’ roster has a projected luxury tax penalty of $280 million for the 2025-26 season. This figure highlights the financial pressure on the team’s ownership.
Irving Grousbeck’s reluctance to fund these losses contrasts with Wyc Grousbeck’s willingness to invest heavily in the team’s success. Despite statements that the sale is for estate planning, financial challenges are evident.
The Grousbecks’ decision to sell the team is complicated by their lack of ownership of TD Garden, the Celtics’ home arena. This absence means they miss out on additional revenue streams from events held at the arena.
Prospective buyers are concerned that the $6 billion asking price may not reflect the team’s financial realities. This concern is exacerbated by the absence of arena revenue and the high costs associated with the team’s payroll.
Recent NBA team sales have set lower benchmarks. The Dallas Mavericks sold for $3.5 billion, while the Phoenix Suns went for $4 billion.
The proposed sale plan includes an initial 51% stake transfer, with the remainder to be sold by 2028. Wyc Grousbeck would maintain control until the sale is finalized.
