The process of finding a buyer for a majority stake in the Boston Celtics is expected to officially kick off this week. The banks managing the sale have been retained to initiate contact with a small, select group of prospective buyers.
This group will include both individuals who have already expressed interest in acquiring the team and other qualified buyers who have been identified by the sale facilitators based on their ability to meet the financial requirements.
The timeline for the sale aims to have a buyer in place by late 2024 or early 2025. At that point, 51 percent of the transaction is expected to be finalized, with the remainder of the sale to be completed by 2028. Current Celtics governor Wyc Grousbeck has made it clear that he intends to stay in his role until the full transfer of ownership is finalized.
Steve Pagliuca, a Celtics co-owner, has publicly expressed his interest in acquiring the majority stake. However, no other prospective buyers have yet been officially identified, though more could emerge as the process unfolds. The final sale price is anticipated to exceed $5 billion, making the Celtics one of the most valuable franchises in the NBA.
Despite the high valuation, the new ownership will face financial challenges. The Celtics are projected to have over $500 million in combined player salaries and luxury tax penalties by the 2025-26 season if they keep their current core of stars intact.
These significant payroll and tax obligations could be a major consideration for any buyer, though the team’s success and value as an iconic NBA franchise continue to make it a highly sought-after asset in the market.
Celtics' Sale Process Expected To Ramp Up This Week With Banks Meeting Prospective Buyers https://t.co/qzDigjPPMd
— RealGM (@RealGM) September 30, 2024
