The reigning NBA champion Boston Celtics are going available on the market.
The workforce’s possession group, Boston Basketball Companions LLC, has determined to promote the franchise for property and household planning concerns, in keeping with a Celtics assertion. The homeowners count on to promote a majority curiosity this yr or early 2025, with the rest closing in 2028.
The Celtics are occurring sale at a time of surging valuations for professional sports activities groups. That’s prompted extra franchises to promote minority stakes or provide up management. Prior to now yr, the NBA alone has seen three franchises change fingers, with the Phoenix Suns, Charlotte Hornets and Dallas Mavericks all going for $3 billion or extra.
Boston gained its 18th title final month — probably the most in league historical past — and had one of the best report (64-18) within the common season. The franchise boasts younger stars in Jayson Tatum and Jaylen Brown.
Sportico values the Celtics at $5.1 billion, the fourth-highest within the league. The present possession group, led by Wyc Grousbeck and together with Stephen Pagliuca, purchased the workforce for $360 million in 2002.
The sale comes at a time the place the league is within the midst of negotiating a $76 billion media dealwith ESPN, Comcast and Amazon. The deal has not but been introduced. NBA Commissioner Adam Silver has stated when the league finishes negotiating its media deal it’s going to look to develop, probably including two new franchises.
ESPN reported the information earlier.
