NBA rumors: The Celtics minority owner trying to buy franchise at 'discount'
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When majority owner Wyc Grousbeck put the Boston Celtics up for sale, it shocked many. Especially after the Celtics won their 18th NBA title against the Dallas Mavericks. While rumors have circulated about who will buy the team, one of the Celtics’ minority owners, Steve Pagliuca, has emerged a possible frontrunner.
The current cost is $6 billion for the franchise. However, Pagliuca is hoping to land a discount thanks to his potential investors. He’s hoping that the minority shareholders who own roughly another 30% to fall in with him in bidding for the Celtics, according to the New York Post.
Those commitments from the other 30% could deter any big-pocketed buyers from purchasing the team. After all, Amazon founder Jeff Bezos was one of three finalists to buy the Celtics before the deal went through.
Another one of those potential buyers was John Henry. He’s the founder of Fenway Sports Group, which owns the Boston Red Sox (as well as Liverpool Football Club and the Pittsburgh Penguins). However, the 2018 World Series Champion Red Sox was deconstructed due to cost conerns. They even traded away Mookie Betts in the middle of his prime, as a result.
The Celtics were valued at $6 billion by Forbes in their annual rankings released last week – putting them fourth in the 30-team league.
When could the Celtics minority owner, Steve Pagliuca buy the franchise?
The shift of ownership usually takes quite a while, just ask current Phoenix Suns owner Mat Ishbia. Previous owner Robert Sarver was suspended in September for one year, and given a $10 million fine. He was accused of sexual misconduct, and creating a toxic work atmosphere. Fast forward to Ishbia, the Suns have a new owner.
With the Celtics, there isn’t too much at stake for a shift of power. Pagliuca is already a minority owner so acquiring the team wouldn’t be difficult. It would be a matter of bringing the other 30% majority owners to agree on his terms. If they were to agree though, it likely wouldn’t be what Pagliuca is looking for, in terms of price.
The $6 billion asking price could take a dip if Pagliuca were to buy the team. With the extension of Derrick White, Jrue Holiday, as well as Kristaps Porzingis and Jayson Tatum’s contracts expiring next season. However, the Celtics are the frontrunners to win the NBA championship, whether or not ownership changes.
If it stays in-house, not much could change. If another party purchases the team, they could look drastically different within years.
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