Why does Boston Celtics majority owner Wyc Grousbeck want to sell his stake in the franchise?
Given the timing, there’s no way to deny that the Celtics owner’s stance is somewhat strange. Why would you sell your stake in the league’s best team?
With their most recent championship win, the Boston Celtics are now the winningest franchise in NBA history which is precisely why the franchise owner’s apparent desire to relinquish his majority stake raises more than a few eyebrows. Let’s get into it.
Wyc Grousbeck wants to let go of the Celtics
With their recent NBA Finals win over the Dallas Mavericks, the Boston Celtics claimed their 18th championship, confirming the men in green as the team that has won the most NBA championships in the league’s history. Needless to say, celebrations are still ongoing. That said, there was some noteworthy news on Monday, with reports indicating that majority owner Wyc Grousbeck is considering the idea of selling his stake in the famous franchise ahead of next season.
To be clear, while reports confirmed that Grousbeck is in fact looking to relieve himself of ownership duties, it’s understood that any transaction that occurs will not include the entirety of the investment group that paid the price to own the team back in 2002. Do recall that Grousbeck’s Boston Basketball Partners L.L.C. purchased the Celtics 22 years ago for $360 million. Fast forward to 2023 and the Celtics were listed as Forbes’ fourth-most valuable NBA franchise, with an approximate worth of $4.7 billion. Only the Los Angeles Lakers ($6.4 billion), New York Knicks ($6.6 billion) and Golden State Warriors ($7.7 billion) are worth more.
As things stand, the Celtics’ current ownership has seen the team win two NBA titles since taking over back in 2002, while constructing a seemingly consistent team over the last few years. After all, the Celtics are undoubtedly one of the most dangerous teams in the league and now have yet another title to prove it. With the likes of Jayson Tatum, Jaylen Brown, the recently extended Derrick White, and Kristaps Porziņģis on the roster, the Celtics are as good as it gets. So, with all of this in mind, one has to question why Grousbeck would look to part ways with such an organization. On the other hand, it could be argue that the franchise’s value has never been hire so why wouldn’t one capitalize on that here and now?