Celtics owner Wyc Grousbeck looking to UAE for franchise investment
Yesterday at 01:58 PM
While the Boston Celtics’ dominant play continues on the basketball court, another storyline hanging over this season is the impending sale of the franchise, which was revealed by owner Wyc Grousbeck this past summer following the team’s championship victory. While Grousbeck is reportedly looking to keep some sort of role within the franchise, he and his group are looking for someone else to take over the primary ownership responsibilities.
This preseason, the Celtics ventured to the United Arab Emirates to take on the Denver Nuggets, and while they were there, Grousbeck reportedly used the trip as a business opportunity.
“Grousbeck met with Mubadala Investment Co., one of the country's sovereign wealth funds, to discuss a potential investment, according to people with knowledge of the matter,” reported Jake Rudnitsky and Giles Turner of Bloomberg, via Hoopshype.
It was also reported that “Middle East investors are unwilling to take passive stakes in teams at steep valuations that don't offer a say on management,” per Hoopshype.
While their ownership situation continues to hang in the balance, the Celtics haven’t shown any signs of a championship hangover after winning their 18th banner in franchise history last season.
Jayson Tatum has come out playing at an MVP level (or at least, what would normally be an MVP level if Nikola Jokic didn’t exist) so far this season, and Boston recently raised eyebrows by handing the 15-0 Cleveland Cavaliers their first loss of the season as part of NBA cup action.
Making matters even more impressive for the Celtics is the fact that they are finding all of this success without arguably their third most talented player, Kristaps Porzingis, in the lineup.
In any case, Boston will next take the floor on Sunday afternoon at home vs the Minnesota Timberwolves. That game is slated to tip off at 3:30 PM ET.
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