• Loading stock data...
Saturday, May 10, 2025
Join us May 14 at 1 p.m. ET for Future of Sports: Leagues of Their Own Register Now

Celtics Co-Owner Casts Doubt on Winning Bid in Scathing Letter

“If the announced transaction does not end up being finalized, my partners and I are ready to check back into the game and bring it home,” Steve Pagliuca wrote.

Steve Pagliuca
Kyle Terada-Imagn Images

The Grousbecks agreed to sell the Celtics for a record $6.1 billion Thursday, with a group led by private equity executive and Massachusetts native William Chisholm taking over near the end of the decade.

Steve Pagliuca, Wyc Grousbeck’s longtime partner in owning the team and the former co-chairman of Bain Capital, criticized the deal in a pointed letter Thursday morning.

Pagliuca has been a co-owner since the Grousbeck family bought the team for $360 million in 2002 and was considered a contender to become majority owner since the Grousbecks announced a sale in July 2024, shortly after the team won the NBA Finals. 

Pagliuca laid out why he felt his offer was superior and alluded to Chisholm’s being potentially loaded with burdensome debt. 

“We made a fully guaranteed and financed offer at a record price,” Pagliuca said in his post. “We had no debt or private equity money that would potentially hamstring our ability to compete in the future.” (Sixth Street, a private equity firm, is reportedly putting a billion dollars toward the purchase of the Celtics. Pagliuca himself made his fortune at Bain, one of the best-known PE companies in the world, and is now a senior advisor there.)

The Celtics currently carry the two richest contracts in NBA history in Jaylen Brown’s and Jayson Tatum’s extensions, which both exceed $300 million. This season, the Celtics’ payroll is roughly $200 million, which is fifth in the NBA, according to Spotrac, and a hefty luxury-tax bill will be due in the coming years. Irving Grousbeck, Wyc’s father, reportedly forced the sale because the 90-year-old didn’t want to fund losses any longer. Irving Grousbeck owns a fifth of the team while his son holds only 3%, according to the New York Post.

Pagliuca acknowledged the team’s upcoming tax situation in his letter and said he would not cut costs as owner. 

“I recruited new partners with deep resources and expertise in technology and international markets to maximize the Celtics’ successes to ensure we can always compete for Championships, luxury taxes be damned,” he wrote.

The 70-year-old suggested the sale may fall through and said his ownership group is prepared. 

“I will never stop being a Celtic, and if the announced transaction does not end up being finalized, my partners and I are ready to check back into the game and bring it home, to help continue what the Celtics do best—win,” he wrote. 

The NBA’s Board of Governors is slated to meet later this month, and it would have to approve the purchase, which will be interesting in light of another item on its next meeting agenda. 

When the Celtics were announced for sale, Wyc Grousbeck said he was seeking a buyer who would acquire the team in two phases and let him run it until 2028; it appears he’s found that in Chisholm’s group.

It’s a similar setup to what Glen Taylor agreed to when he sold the Minnesota Timberwolves and Lynx to Alex Rodriguez and Marc Lore only to take the team off the market over an alleged missed payment, which Rodriguez and Lore said was in fact merely Taylor changing his mind. That led to a nearly year-long legal battle that Rodriguez and Lore finally won in arbitration in February. They are awaiting final approval from the league’s owners to get control of the team. 

NBA commissioner Adam Silver said the drama of the T-Wolves deal had owners looking at changing rules. But less than a year later, he has another team seeking to do a complex, multiyear sale.

“It’s certainly not ideal to have a stepped transaction like this,” Silver said of the Wolves sale last spring. “It met our rules from that standpoint, and it’s what Glen Taylor wanted and it’s what they were willing to agree to at the time. But I think once the dust clears on this deal, it may cause us to reassess what sort of transactions we should allow.”

Spokespeople for the NBA and Taylor did not immediately reply to a request for comment. 

“Bill is a terrific person and a true Celtics fan, born and raised here in the Boston area,” Wyc Grousbeck said in a statement. “Quite simply, he wants to be a great owner. He has asked me to run the team as CEO and Governor for the first three years, and stay on as his partner, and I am glad to do so.”

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Apr 26, 2025; Miami, Florida, USA; Miami Heat center Bam Adebayo (13) dribbles the basketball as Cleveland Cavaliers forward Evan Mobley (4) defends in the third quarter during game three for the first round of the 2025 NBA Playoffs at Kaseya Center.

Jared Kushner’s Brother Bought Small Stake in Miami Heat Last Year

Kushner reportedly sold his Grizzlies stake to buy an interest in the Heat.
Curry

Brady, Curry, Ohtani Get Most Claims Dropped in FTX Endorser Suit

The judge did call the endorsers “uninformed, negligent, or even reckless.”
Mar 26, 2025; New York, New York, USA; Actor and filmmaker Spike Lee (l) greets former professional boxer Floyd Mayweather Jr. during the game between the LA Clippers and the New York Knicks at Madison Square Garden.

‘Friends of the Garden’: Inside the NBA’s Most Exclusive Celebrity Suite

“Among the titans of industry, deals are done at Suite 200.”

Featured Today

Apr 18, 2024; Los Angeles, CA, USA; Stanford Cardinal vs Grand Canyon University Antelopes during the MPSF Men's Volleyball Championship at Galen Center.

‘What Just Happened’: Inside the Abrupt End of Grand Canyon Men’s Volleyball

Inside Grand Canyon’s shocking decision to cut men’s volleyball.
exclusive
May 9, 2025

Shams Charania on Draft, Breaking Dončić Trade, ‘Whirlwind’ ESPN Tenure

Charania will work on his first NBA draft lottery for ESPN on Monday.
Fat Perez reacts after hitting his shot on the 16th tee during the WHOOP Shot at Glory on the 16th hole at TPC in Scottsdale on Feb. 5, 2025.
May 7, 2025

Golf Influencers Are the New Currency for PGA Tour and LIV

YouTube golf is big business. The rival tours are staging formal events.
Feb 8, 2025; New York, New York, USA; New York Knicks assistant coach Rick Brunson talks with New York Knicks guard Jalen Brunson (11), forward Mikal Bridges (25), and guard Josh Hart (3) during a timeout in the third quarter against the Boston Celtics at Madison Square Garden.
May 6, 2025

Before the Villanova Knicks, There Were the Kentucky Celtics

Three decades ago, Boston tried its own version of the college-teammate experiment.
White Sox

Pope Confirmed White Sox Fan After False Cubs Claims

Pope Leo XIV’s brother confirmed the pontiff is a White Sox fan.
PSG
May 8, 2025

PSG in Champions League Final After Shedding Nine-Figure Superstar Salaries

PSG previously tried to win with a trio of Neymar, Messi, and Mbappé. 
Feb 13, 2018; Las Vegas, NV, USA; Chicago Blackhawks coach Joel Quenneville reacts in the second period of an NHL hockey game against the Vegas Golden Knights at T-Mobile Arena.
May 8, 2025

Joel Quenneville Back in NHL After Ban for Blackhawks Scandal

The former Chicago coach was banned from the NHL until last year.
Sponsored

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

Portfolio Players is our bi-weekly spotlight on the athletes and investors reshaping the business of sports. This week, venture capitalist Kai Cunningham unpacks why athletes land top deals and how the usual investing rules don’t always apply.
May 8, 2025

Celtics-Knicks Game 3 Tickets Near Super Bowl Prices

Game 3 against the Celtics has resale ticket prices beginning around $700.
May 8, 2025

Reeling Cavs Have NBA’s Third-Most-Expensive Roster Next Season

Cleveland trails the Pacers, 2–0, in the conference semifinals.
Jayson Tatum
May 8, 2025

The All-In Celtics Are Suddenly on the Brink

The defending champions find themselves down 2–0 and facing an expensive future.
Kansas City Chiefs quarterback Patrick Mahomes (15) raises the Lamar Hunt Trophy with tight end Travis Kelce (87) after the AFC championship NFL game between the Cincinnati Bengals and the Kansas City Chiefs on Jan. 29, 2023, at Arrowhead Stadium in Kansas City.
May 7, 2025

F1 Team Part-Owned by Mahomes, Kelce Makes Changes Amid Struggle

Alpine is ninth in the constructors’ championship.