NBA champions Celtics put up for sale by owners – Sportcal

2 minutes, 31 seconds Read

The ownership group behind the NBA champion Boston Celtics franchise has stated that it is looking to completely divest from the team in what would be one of the most lucrative sports franchise sales in history.

Boston Basketball Partners (BBP), the team’s ownership group, is seeking to complete the sale by early 2025, if not sooner, capitalizing on the team’s recent championship win, an NBA record 18th in franchise history.

Headed by Wyc Grousbeck and Stephen Pagliuca, the fund purchased the team in 2002 for $360 million and has overseen two championship wins.

Grousbeck is the current team governor and BBP expects him to remain in the role until 2028 when they are aiming for the sale balance to be closed.

Over the course of BBP’s ownership of the Celtics, US sports franchise valuations have soared and the Celtics are routinely estimated to be one of the NBA’s most valuable teams.

The most recent NBA franchise to have been sold, the Phoenix Suns, went for $4 billion to Matt Ishbia and the Celtics would be able to command far more due to their storied history, higher commercial value and global brand awareness compared to the Suns, a relative minnow in the league.

Access the most comprehensive Company Profiles
on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free
sample

Your download email will arrive shortly

We are confident about the
unique
quality of our Company Profiles. However, we want you to make the most
beneficial
decision for your business, so we offer a free sample that you can download by
submitting the below form

By GlobalData

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

That $4 billion purchase is still the largest in NBA history and was nearly double the previous largest NBA transactions, meaning BBP is likely to break another record.

TD Garden, the Celtics’ home arena, underwent its most recent set of renovations in 2021 and is consistently thought of as outright best in the league, a factor that will enhance the franchise’s sale value (although BBP does not own the venue).

In its Business of the National Basketball Association 2023-24 report, GlobalData Sport analysts found that the Celtics were in the top half of the league for overall yearly sponsorship values and deal quantities, and boasted the second highest ticket revenue in the competition, owing to the fervor of its fans.

This post was originally published on 3rd party site mentioned in the title of this site

Similar Posts