The Boston Celtics, NBA's 2024 champions, is up for sale after its majority owner, Boston Basketball Partners LLC, announced Monday (July 1) its intention to sell all of its shares in the team.
A statement from the Boston Celtics pic.twitter.com/DqArzkGnR5
— Boston Celtics (@celtics) July 1, 2024
In a statement on X, the social media platform formerly known as Twitter, the Celtics said that the major shareholder decided to sell the team "for estate and family planning considerations."
The team added that the ownership group expected to sell a majority interest this year or in early 2025, with the remaining balance to close by 2028. Wyc Grousbeck is also expected to remain the team's governor until 2028.
Grousbeck, a lifelong Celtics fan, led a team of buyers to acquire the Celtics for $360 million in 2002.
CNBC reported that the Celtics could fetch a very high price because of their championship against the Dallas Mavericks 106-88 in the NBA Finals and their becoming one of the most successful and widely followed teams in professional sports in the United States.
Forbes previously assessed that the team is the fourth most valuable in the league at an estimated value of $4.7 billion.
Media Rights Also Up for Grabs
Sports consultants projected that sports media rights would also be involved, which could equal or even surpass the record $4 billion price tag the Phoenix Suns and the WNBA's Phoenix Mercury got in 2023.
Negotiations regarding the NBA's media rights are ongoing and are expected to be announced soon. It is understood that Comcast's NBCUniversal was expected to pay $2.5 billion per year, while other bidders include Disney's ESPN and Amazon's Prime Video.
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Jayson Tatum Remains with Celtics in Supermax Deal
Meanwhile, Celtics player Jayson Tatum signed a deal letting him remain on the team for five years.
BREAKING: Boston Celtics and star Jayson Tatum have reached an agreement on a five-year, $315M supermax extension with a player option that is the largest contract in NBA history, league sources tell @NBAonTNT, @BleacherReport. pic.twitter.com/qVpr94JiAa
— Chris Haynes (@ChrisBHaynes) July 1, 2024
The NBA called the Celtics' new contract with Tatum a "supermax" extension, with TNT sports analyst Chris Haynes valuing it at $315 million. Haynes further claimed that the supermax deal with Tatum was the "largest contract" in the league's history, surpassing the Celtics' deal to Jaylen Brown, who signed a $304 million contract last season.
It is understood that the deal would run until the 2029-30 season, which included a player option in the final year.
Tatum is an All-Star and All-NBA selection. He also won the gold medal with Team USA at the Tokyo Olympics and is set to return for the Paris games this summer.
Statistically, he averages 26.9 points, 8.1 rebounds, and 4.9 assists per game. Of his shots, 47% were from the field and 38% on the three-point line.
ESPN added that the Celtics also agreed to sign an extension deal with Derrick White Monday, allowing the team to retain all of its starting lineup under contract until at least 2025-26.
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