Even before the Celtics won the 2024 championship, there were questions about the roster’s long-term sustainability due to a ballooning payroll.
But in June, when team governor Wyc Grousbeck hoisted the Larry O’Brien Championship Trophy, the team’s payroll seemed like an afterthought. Boston dominated the league en route to a record 18th NBA title, and it was in part due to its willingness to cough up the money to build a dominant roster.
A month later, Grousbeck put the defending champion up for sale, citing “estate and family planning considerations.” However, according to the New York Post, management of the team’s payroll triggered a rift between Wyc Grousbeck and his father, Irving, who reportedly owns 20% of the Celtics, which led to the decision to sell the team.
The Post reported that last season, despite the championship, the Celtics barely broke even. In the coming years, they are expected to lose millions as the supermax contracts of stars Jaylen Brown and Jayson Tatum as well as the extensions of Derrick White and Jrue Holiday kick in.
In 2025–2026, Boston is expected to pay a record $500 million for its payroll, with more than half of the charges coming from tax penalties. The team will also be above the NBA’s second apron, which comes with draft pick penalties and heavy restrictions on roster movement.
Wyc Grousbeck, who is the team’s governor despite owning just a 3% share (per the Post), reiterated that the sale is for the family’s estate.
“The Grousbeck family is selling the team for estate and family planning considerations. To say the sale is in any way related to losses is completely incorrect,” Wyc Grousbeck told the Post.
Falling Price Tag
If and when the Grousbecks sell the team, they will walk away with a hefty profit. The team is valued by Forbes at $4.7 billion, while the Grousbecks and their investment group purchased the team for $360 million in 2002.
The Celtics are reportedly seeking a buyer who would pay $6 billion, which the NBA would welcome as it would drive up the market price for the entry fees of its eventual expansion franchises. According to the Post, it’s unlikely the Celtics will hit that figure, in part because that team does not own its home arena, TD Garden.
Arena ownership allows for a team’s value to increase—which is why the Warriors and Knicks, who both own their home arenas, are the most valuable franchises in the league. They also receive revenue from events in those arenas that would have helped with added expenses in other areas, such as paying salaries.
Potential Buyers
The Post reported in August that Red Sox owner Fenway Sports Group is interested in its city’s basketball counterpart. Bain Capital senior advisor Stephen Pagliuca, who already reportedly owns about 20% of the team, is also in the mix.
The Ringer’s Bill Simmons suggested last month that Amazon founder Jeff Bezos, who made a bid for the NFL’s Commanders last year, was also interested in the Celtics, but days later, a report from The Information shot down that claim.
The Grousbecks are hoping to conduct a step transaction, in which they would relinquish their majority stake first and Wyc Grousbeck would continue acting as the team’s governor, before completing the rest of the sale in 2028.
