A “Believe in Boston” flag flies during the duck boat parade celebrating the Boston Celtics’ 18th NBA championship.
Stan Grossfield | The Boston Globe | Getty Images
The 2024 National Basketball Association (NBA) championship team is up for sale.
The Boston Celtics’ ownership group announced Monday that it plans to sell the team. statement Posted to Celtic’s account on social media site X.
Boston Basketball Partners LLC, the controlling family of the ownership group, said it intends to sell all of its shares in the team “due to legacy and family planning considerations.”
The sale of the majority stake is expected to be completed by the end of 2024 or early 2025, with the remainder in 2028, the statement said.
With sports franchise valuations soaring, the Celtics could fetch a particularly high price. The team is one of the most successful and watched franchises in American professional sports and won a record 18th NBA championship last month.
In 2002, Wyc Grousbeck led a team of buyers to purchase the Celtics for $360 million. , until the second acquisition is completed in 2028.
Grousbeck is also part of the ownership group behind tequila brand Cincoro, which includes fellow NBA team owner and Hall of Famer Michael Jordan.
Representatives for Grousbeck and the team did not immediately respond to CNBC’s request for comment.
Jaylen Brown, No. 7 player of the Boston Celtics, hits a three-pointer against the Dallas Mavericks during Game 5 of the 2024 NBA Finals at TD Garden in Boston on June 17, 2024.
Nathaniel S. Butler | Nathaniel S. Butler National Basketball Association | Getty Images
Sports valuations and media rights rise
The Celtics defeated the Dallas Mavericks in Game 5 of the Finals in June to become the latest NBA champions. This is the second championship that Grousbeck has led the team to win.
American professional sports teams, especially those in the National Football League and NBA, receive high valuations when their owners sell a portion of their shares, if not the entire team.
In 2023, the NBA’s Phoenix Suns and the WNBA’s Phoenix Mercury Sold to Mat Ishbia at a record valuation of $4 billion.
At the same time, with live sports attracting the largest television audiences, the league’s media rights have never been more lucrative.
Negotiations surrounding NBA media rights are ongoing and an announcement is expected soon. ComcastNBCUniversal expects to pay $2.5 billion annually, including disneyESPN and Amazon’Prime Video was one of the other bidders, CNBC previously reported.
—CNBC’s Jessica Golden contributed to this article.
Revealed: NBCUniversal is the parent company of CNBC.
About The Author
