Celtics In-House Candidate To Be ‘Participant In Bidding Process’ For Franchise
It didn’t take long for a potential suitor to emerge to buy the Boston Celtics after the team announced Monday the current ownership group plans to sell all of its shares of the team.
But one of the team’s minority owners might not be moving on like Wyc Grousbeck, who leads the ownership group and owns a majority stake in the Celtics. Grousbeck decided to sell the Celtics for “estate and family planning considerations,” per a team release.
Celtics co-owner Steve Pagliuca, who alongside Grousbeck and other investors purchased the Celtics for $360 million in 2002, announced Monday night on social media his intentions to be a “proud participant in the bidding process” for the illustrious franchise.
You can read the full statement from Pagliuca below:
“I am grateful and thankful for the 21-year partnership I have enjoyed with Wyc and Irv Grousbeck, the Epstein family, and all the incredible Celtics investment partners. It has been a remarkable run that resulted in two NBA championships for the best and most passionate fans in professional basketball, capped off with an amazing duck boat parade last week in Boston.
Along with the championships, we are most proud of the growth of our community impact efforts and the dedication of the investor group, coaches, players and staff to helping community members who are in need.
Being a co-investor and manager partner of the Celtics has been a great honor and a labor of love. I hope to be part of the Celtics moving forward and will be a proud participant in the bidding process that has been announced today.”
Pagliuca is a familiar face to Celtics fans and has been a part of the franchise’s run of success, which includes two championships since the ownership group took over. He also has experience as a team owner after he purchased the Italian soccer club Atalanta in February 2022.
Trying to buy the Celtics will come with an incredibly hefty price tag. Forbes valued the organization at $4.7 billion in 2023 before the Celtics went on to win the NBA title in June.
The last NBA team to be sold was the Phoenix Suns in 2022 and Matt Ishbia ponied up $4 billion to acquire the franchise.