Wyc Grousbeck revealed that the bidding process of finding a buyer for the Boston Celtics will begin within the next month. Grousbeck also reiterated that he intends to find a buyer that will be willing to allow him to remain as governor until 2028.
“The sale process is gearing up and about to hit full speed,” Grousbeck told the Boston Globe. “It took this long for our advisors to go through the financial and business data of the team and our whole management team, and spend enough time to put together offering books. Now they’re beginning to have discussions with interested parties and the bidding process will commence in the next month or so.”
Grousbeck was asked if he waited to announce the intent to sell the Celtics until several days after they won the championship since he may not be in that position again to savor it.
“I’m planning to be in this position again, exactly this position as governor going forward for a while,” replied Grousbeck. “But I was very easily able to focus on the moment and just soak it in.”
Grousbeck intends for a 51 percent stake in the Celtics to be sold initially and then closing the rest of the deal in 2028.
“The family and I have agreed that we’ll ask the eventual buyer for this transition period, and it feels right to me, and we hope that we can make it happen going forward.”
The Celtics face a projected salary and luxury tax bill of approximately $500 million in 25-26.
“We have never had a capital call in the history of the Celtics,” said Grousbeck. “The owners just put in the money 22 years ago. It’s been self-sustaining ever since, and it will be self-sustaining going forward, with no demands for additional capital. The Celtics are a going concern [a profitable business] that is in excellent financial shape.
“The way we run the Celtics business, and the way the fans and media partners and sponsors have supported us, enabled us to go forward confidently in the future without hitting any rocks in the water.”
Grousbeck, however, said last June that the Celtics were currently losing money.
“We’ve made money in the past that’s been built up in the bank account, and we are fine.”