Photo: Boston Celtics/Twitter

Wyc Grousbeck recently disclosed that the process to find a buyer for the Boston Celtics will officially kick off within the next month. He emphasized that, as part of the sale, he aims to find a buyer who will agree to let him continue serving as governor of the team until at least 2028.

“The sale process is gearing up and about to hit full speed,” Grousbeck told the Boston Globe. “It took this long for our advisors to go through the financial and business data of the team and our whole management team, and spend enough time to put together offering books. Now they’re beginning to have discussions with interested parties, and the bidding process will commence in the next month or so.”

When asked if his announcement to sell the Celtics was delayed until a few days after the team secured their recent championship win -perhaps because he wanted to relish the moment, Grousbeck dismissed the idea.

“I’m planning to be in this position again – exactly this position as governor going forward for a while,” Grousbeck said. “But I was very easily able to focus on the moment and just soak it in.”

The current plan, as outlined by Grousbeck, involves selling an initial 51% stake in the Celtics, with the remaining stake expected to close by 2028.

“My family and I have agreed that we’ll ask the eventual buyer for this transition period, and it feels right to me, and we hope that we can make it happen going forward,” he explained.

Looking ahead, the Celtics are facing a substantial financial challenge, with a projected salary and luxury tax bill of approximately $500 million for the 2025-2026 season.

“We have never had a capital call in the history of the Celtics,” Grousbeck noted. “The owners just put in the money 22 years ago. It’s been self-sustaining ever since, and it will be self-sustaining going forward, with no demands for additional capital. The Celtics are a going concern [a profitable business] that is in excellent financial shape.”

He highlighted the team’s financial stability, adding, “The way we run the Celtics business, and the way the fans, media partners, and sponsors have supported us, has enabled us to go forward confidently into the future without hitting any rocks in the water.”

However, despite his confidence in the franchise’s long-term outlook, Grousbeck acknowledged that the Celtics were currently facing financial losses.

“We’ve made money in the past that’s been built up in the bank account, and we are fine,” he reassured.