SUMMARY
- Wyk Grousbeck has been the Celtics' majority owner for 22 years after purchasing the team in 2002 for $360 million.
- He plans on selling the Celtics by 2028.
The Boston Celtics have thrived as an organization functioning under the proprietorship of Wyc Grousbeck and his team of dedicated workers. They were recently blessed with the opportunity to hold their second championship trophy of the 2000s as well. However, shortly after the NBA Finals, Grousbeck announced that he would be stepping down as majority owner of the Celtics.
Grousbeck purchased the Celtics in 2002 for an estimated $360 million alongside Steve Pagluica, the co-chairman of Bain Capital. The Celtics’ value has skyrocketed ever since Grousbeck purchased the team and it could be worth at least around $5 billion today. Whoever is set to acquire the team will be making the highest purchase ever in the history of the league, surpassing Matt Ishbia’s purchase of the Phoenix Suns last season.
The 63-year-old’s announcement also came shortly after the Celtics signed Jayson Tatum to a historic $313 million five-year deal. The Celtics also signed Derrick White to a new four-year deal worth just over $125 million.
Wyc Grousbeck plans to stay with the Celtics until 2028
After the Celtics raised the championship trophy, Wyc Grousbeck revealed that he intends on actively taking part in their upcoming ventures especially in designing their 2024 Championship ring and raising their 18th banner. He also added that he plans on being with the organization until 2028, selling 51% of his share now and the remaining 49% later.
However, the reason behind his decision was “estate and family planning considerations”. The Celtics statement read, “The controlling family of the ownership group, after considerable thought and internal discussion, has decided to sell the team for estate and family planning considerations.” Wyc’s father, Irving Grousbeck was a part of the group that purchased the Celtics. Wyc has three other siblings as well. It is possible that their aspirations do not align with Wyc’s at the moment which is why he chose to let go of his share.
Adam Silver claims he’s saddened by Wyc Grousbeck’s decision to sell the Celtics
Adam Silver also weighed in on Wyc Grousbeck’s decision to sell his share in the Celtics organization. He stated, “He’s been a leader in terms of our committee system at our board. He’s been intimately involved in every aspect of the league, from collective bargaining to revenue sharing to media. I understand the family circumstances and why he and his family have elected at this moment to sell the franchise.”
He added, “I’m frankly saddened by it, just because not only have they won two championships, but beyond that, they’ve operated the team in a first-class manner and he’s been a first-class owner in this league.” Grousbeck hasn’t found buyers for his stake yet. However, the sale is bound to gain some traction over time while Grousbeck ensures a smooth transition.