The Boston Celtics are for sale, just weeks after winning their record 18th NBA championship.
Why it matters: The Celtics could fetch the highest price in pro sports history.
Catch up quick: The club was purchased in 2002 for $360 million, including $200 million in equity, by a group that included venture capitalist Wyc Grousbeck, his telecom tycoon father Irv, and private equity investor Steve Pagliuca.
- Wyc eventually became lead owner, but most of the Grousbeck contribution came from Irv. Wyc even noted during last year’s Axios BFD event that he took out a home mortgage to finance his share.
- A source familiar with the situation says that the Grousbecks currently own just over a quarter of the Celtics.
The latest: The total ownership group on Monday announced its intention to sell the club, adding that the Grousbecks had made the decision for “estate and family planning considerations.”
www.axios.com/2024/07/02/boston-celtics-sale-break-records
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