There is another storyline going on in the background of the season, even if the reigning champion Celtics are having a fantastic start. As stated this summer, the C’s are for sale, and a deal of some kind is anticipated to be finalized during the 2024–25 campaign.
As the team proceeds with the sales process, there have been rumours about potential buyers for weeks and months. Steve Pagliuca, the current minority owner of the Celtics, is one name that is anticipated to be very much in the running. However, there may be a catch: Pagliuca may be trying to purchase the team for a reduced price, according to the New York Post.
According to the Post, Pagliuca owns roughly 20% of the Celtics and has reportedly reached out to other minority shareholders, who hold roughly 30% of the company, to align themselves with him during the bidding process. According to a source cited by the Post, “it would give him leverage over any deep-pocketed buyers who may jump in as the bidding process tips off” if he is able to get those promises. To assist with the sale, Pagliuca has enlisted the services of banks Allen & Co. and Raine Group.
Any sale of the Celtics is anticipated to bring in about $6 billion. However, the Post claims that Pagliuca might reduce the sale to $5 billion if he is the sole serious bidder. Even if the betting process has only begun in recent weeks, there are still a lot of moving variables in this situation. To manage the sale, the team enlisted the banks JP Morgan and BDT & MSD Partners, which have already begun contacting possible purchasers.
There have been rumours that other names are considering the Celtics. Earlier this month, the Boston Globe reported that Mark Bezos, the brother of Amazon founder Jeff Bezos, and Robert Hale, a limited partner of the Celtics, were two names to keep an eye on. However, at that time, neither of their interests was clear. Although they also showed some interest, Fenway Sports Group is said to be more interested in acquiring a Las Vegas expansion team.
In the summer of this year, following the championship run, the Grousbeck family declared their plan to sell the team’s majority interest. Within the next year, it is still anticipated that the Grousbeck family will sell 51 percent of the team in the first phase of the transaction. The agreement will then be formalized till 2028, during which time Wyc Grousbeck is anticipated to continue serving as governor.
An intriguing development about the Celtics is also reported by the Post. A sports banker brought attention to Boston’s high current salary in comparison to an NFL team that generates revenue. According to the Post, the Celtics’ heavy reliance on the luxury tax in an effort to win more games may put off prospective bidders as the organization experiences financial losses. Therefore, the Celtics should think about that, even though new ownership might cut the salaries.
Naturally, the Celtics deal will be closely watched by fans. Despite the occasional appearance of rumoured names, there are still several reasons. Conversely, the Celtics, who have maintained their position as the league’s top club, will carry on with their season.
