Celtics To Receive First Round Of Ownership Bids On Jan. 23
Celtics to Receive Initial Ownership Bids on January 23
The majority owners of the Boston Celtics are set to receive the first round of bids from potential buyers on January 23, according to Adam Himmelsbach of The Boston Globe. This update was shared in a letter from the Grousbeck family, the team’s primary stakeholders, to the other franchise investors earlier this week.
Per the letter, investment banks managing the sale have been engaging with interested parties for several months. The Grousbeck family expressed satisfaction with the significant interest shown so far and is aiming for an initial closing by spring.
The sale process, announced on July 1, 2024, involves transferring a 51% controlling stake in the franchise. The current plan allows Wyc Grousbeck, the Celtics’ governor, to retain his role until the sale is fully finalized in 2028. However, it remains uncertain whether potential buyers will accept the arrangement of Grousbeck maintaining governance after relinquishing controlling ownership.
There may also be concerns from the NBA regarding a multi-year sale timeline, given past complications in similar scenarios, such as the Timberwolves’ transition of ownership. In Minnesota, minority buyers Alex Rodriguez and Marc Lore faced challenges when shifting to majority control. For the Celtics, the prospective buyer is expected to secure a controlling interest more quickly, potentially avoiding similar issues.
Potential bidders include Celtics co-owner Steve Pagliuca, Fenway Sports Group, minority shareholder Robert Hale, and Mark Bezos, co-founder of HighPost Capital and half-brother of Amazon’s Jeff Bezos. The team’s valuation, as estimated by Sportico last month, stands at $5.66
billion.
