By Trend News Line 2024-07-05 09:00:00.
It’s seismic sports news in the world of Boston sports ownership. For nearly the entire successful century, the Bruins, Patriots, Red Sox, and Celtics have had stable ownership. Jeremy Jacobs has owned the Bruins for 49 years, Bob Kraft purchased the Patriots in 1994, and John Henry’s group took over the Red Sox in 2002. Irv Grousbeck and son Wyc took control of the Celtics in December of the same year.
But now, the question on everyone’s mind is: Who will be the next owner of the Celtics and how long will it take for the transaction to be finalized? Forbes magazine valued the Celtics franchise at $4.7 billion before this championship season, up from the $360 million it was purchased for in 2002. The recent sale of the Phoenix Suns for $4 billion in 2022 only adds to the anticipation surrounding the Celtics’ potential sale.
Recent reports suggest that soon-to-be-90-year-old H. Irving Grousbeck is the driving force behind the sale, with his son Wyc owning only a small stake in the franchise. H. Irving Grousbeck, with a net worth of $1.8 billion, has been the financial backbone of the group since the beginning. The elder Grousbeck, who made his fortune as a co-founder of Continental Cablevision, is reportedly looking to get his affairs in order, with negotiations for the NBA’s media rights looming.
Wyc Grousbeck, the current managing partner, governor, and CEO of the Celtics, has been identified as the team’s owner but may have a smaller stake in the franchise than previously thought. Steve Pagliuca, often referred to as a co-owner of the Celtics, has emerged as a potential successor to majority ownership. Pagliuca, a co-investor and managing partner of the Celtics, has expressed his desire to be part of the bidding process for the majority interest in the team.
Pagliuca, who made his fortune at Bain Capital, has been a key figure in the Celtics organization since the group bought the team. With his basketball background and financial acumen, many fans believe he would be a suitable candidate to take over majority ownership. However, Pagliuca is currently under a non-disclosure agreement and unable to comment on the potential sale.
As rumors swirl about prospective buyers, Fenway Sports Group has been mentioned as a possible contender. However, the Celtics’ current rent arrangement with the NHL Bruins, who own TD Garden, may complicate any potential bid from FSG. The Celtics are also facing significant luxury tax bills in the near future, which could deter certain buyers.
The Celtics have announced their intention to sell the majority interest in the team in 2024 or early 2025, with Wyc Grousbeck expected to remain team governor through 2028. The future of the franchise and the role of current ownership will likely depend on who ultimately takes over majority ownership of the team.
In the world of Boston sports, ownership changes are rare and significant events. The upcoming sale of the Celtics promises to be no different, with fans eagerly awaiting news of the next custodian of this storied franchise. Stay tuned for more updates on this developing story.
Quiz Answer: The five players who have pitched the most games in Red Sox franchise history are Bob Stanley, Tim Wakefield, Roger Clemens, Jonathan Papelbon, and Pedro Martinez..
– Future owner of the Boston Celtics
– Timeline for ownership transition for the Boston Celtics.