“After much consideration and internal discussion, the controlling family of the ownership group has decided to sell the team in light of legacy and family planning considerations,” the Celtics said in a statement.
During Grousbeck's tenure, the franchise has won two championships, in 2008 and 2024, and has made 16 postseason appearances in the past 17 seasons. The 63-year-old owner took part in the locker room celebration after the Celtics beat the Dallas Mavericks in Game 5 of the NBA Finals two weeks ago and hoisted the Larry O'Brien Trophy during the team's victory parade through downtown Boston.
In its most recent franchise valuation, Forbes concluded the Celtics are worth $4.7 billion, making them the fourth-most valuable NBA franchise behind the Golden State Warriors, New York Knicks and Los Angeles Lakers. But Boston's total payroll last season was $183.7 million, the fourth-highest in the league, and Grousbeck told the Boston Globe in June that the team was “in the red” during their championship season.
“We are fans who bought the team,” Grousbeck told the paper. “We're doing this for love, we're doing it for Celtic pride and we're going to give our all to the team and we're going to win the pennant and we're going to win the championship.”
Given their rich history, large market and prestige, the Celtics are almost certain to be sold for a record price in 2023, possibly surpassing the $4 billion mortgage executive Matt Ishbia paid for the Phoenix Suns.
The NBA's new salary-cap rules will make it increasingly expensive to maintain Boston's championship team, with stiffer fines and new restrictions on the league's highest-spending teams. The Celtics are set to return their entire starter lineup and key reserves for the 2024-25 title defense, but will likely face tough roster choices after that or be forced to pay an unprecedented luxury tax.
Grousbeck isn't the only NBA owner to sell during recent boom times. Milwaukee Bucks co-owner Marc Lasry sold his stake in February 2023, shortly after the franchise won the 2021 championship, its first title in 50 years. Dallas Mavericks owner Mark Cuban sold a majority stake in November, just months before the team reached its first Finals in 13 years.
Under Commissioner Adam Silver, the average value of an NBA franchise has increased from $634 million in 2014 to $3.85 billion last year, according to Forbes magazine.
