The Celtics are expecting to receive a minimum of four ownership bids from prospective investment groups when the first round of the sale process closes on January 23, a source with direct knowledge of the process tells Michael Silverman of The Boston Globe (subscription required). A fifth bid is also a possibility, Silverman reports.
Current co-owner Steve Pagliuca is spearheading a consortium that will be making a bid, according to Silverman, but the identities of the control heads for the other groups remain a mystery, at least for now. Another current minority stakeholder, Robert Hale, expressed interest in becoming majority owner or joining a group in October, and he told Silverman he’s “still hanging around the hoop.”
Fenway Sports Group and Mark Bezos are reportedly among the other potential bidders. The founding partner of HighPost Capital private equity group, Bezos is the half-brother of Amazon founder Jeff Bezos.
The Grousbeck family announced on July 1 that it was putting the team up for sale, just a few weeks after the Celtics won their 18th championship. According to Silverman, the Grousbecks expect the final sale price to exceed $6 billion.
As Silverman writes, the Grousbecks and the investment banks advising them on the sale process are expected to review the first round of bids until sometime in February. At that point, two groups will be selected for a final round of bidding, unless one initial bid “meets the family’s expectations.”
If there’s a final round involving two bidders, it could take weeks or even months before a new owner is announced, Silverman adds.
The plan remains for the sale process to be conducted in two phases, with the new group controlling 51% of the franchise at some point in the first half of 2025. The remaining 49% would be sold in 2028.
Governor Wyc Grousbeck hopes to remain in that role until 2028, though it’s unclear if bidders will be open to that idea after he has given up his controlling interest in the first phase of the sale.