Late September, 2002. Wyc Grousbeck and Stephen Pagliuca bought one of the most storied dynasties of the NBA for $360 million. Donald F. Gaston held the reins of the Boston Celtics for the past 19 years when he bought the franchise for $18 million. In what was a shocking move at the time, primarily because no one, and I mean no one, prior to the announcement had any knowledge of such a deal being finalized.

In fact, in the 2002 New York Times article that reported the news, Pagliuca revealed that “The negotiations for the sale were such a well-kept secret … that he told his wife about it only this morning.” Such were the affairs then. The same cannot be said now. Just days after the Cs won their 18th title, Grousbeck put the organization up for sale. Riding on a championship high and maintaining control for 22 long years, it was, once again, a surprising move.

After all, this was the same guy, barely containing his excitement after the purchase, who said in a news conference back then that he “felt like the tooth fairy had come to visit him.” So, what could possibly be the reason for the sudden change in interest?

To answer that, perhaps we need to look at a few other key details. So, let’s start with the basics.

Who are the owners of the Boston Celtics? Is Wyc Grousbeck the majority owner?

Boston Basketball Partners L.L.C. might sound like just another investment group. However, it is anything but. They are the powerhouse that took ownership of the Boston Celtics. At the helm of this group is an influential committee, led by Wyc Grousbeck, and joined by his father, H. Irving Grousbeck, Stephen Pagliuca, and The Abbey Group’s Robert Epstein.

Together, they have built a team that also includes Paul Edgerley, Glenn Hutchins, and James Pallotta, with Matt Levin from Bain Capital recently joining as Managing Director. And if you’re wondering who is steering the ship, it’s none other than Wycliffe “Wyc” Grousbeck. He is not just a visionary entrepreneur, but also the majority owner and governor of the Celtics.

Both Pagliuca and Grousbeck, in the 2002 conference, dubbed themselves as ‘lifelong Celtics fans.’ With such passion for the game and the team, why did the man put his beloved franchise up for sale? And that too just days after winning the championship?

Is Wyc Grousbeck selling the Boston Celtics? Are Jayson Tatum and Jaylen Brown’s contracts a reason for it?

Well, if you have been closely following the NBA trends, this wouldn’t have come as a surprise. According to a recent article from The Athletic, the professional basketball league “has seen more turnover at the ownership level than any other major professional sports league in recent years.” 

It was just last year that Mark Cuban sold a majority stake in the Dallas Mavericks for $3.5 billion after acquiring it for $285 million in 2000. Cuban’s reason? He wasn’t sure if any of his three children, now aged 14 to 20, would be interested in taking over. “If they don’t, it’s a nightmare trying to figure how to deal with estate issues,” he reportedly said in an email to The Athletic. 

Is this also what bothered Grousbeck? Well, for starters, both his children (from a previous marriage) are adults – Kelsey Grousbeck, 34, and married. And Campbell Grousbeck, 32, and born with a rare genetic eye disease that leads to visual impairment as early as infancy. Hence, if they wanted to, they would already have been part of the organization.

So, what went down, really?

We don’t have to tell you that the Boston front office has been going all-in to keep their championship-caliber roster intact. But the big spending did not come without equally big consequences. The truth of the matter is, the Cs’ soaring payroll has sparked tension between the franchise’s co-owners, Wyc and Irv.

In fact, per the New York Post’s Josh Kosman, the financial strain has pushed the elder Grousbeck, a Massachusetts native and current Stanford Business School Professor, to urge his son to sell the team rather than bear the weight of skyrocketing player salaries. Irving, who owns about 20% of the franchise, is reportedly not too enthusiastic about footing these record-breaking bills.

Those contracts are indeed historic! In 2023, Jaylen Brown signed a 5-year $285.4 million extension with the ‘Beantown’ – the largest contract in NBA history at the time. The following year, Jayson Tatum topped it, locking in another 5-year $315 million deal to keep him in Boston through 2030.

What’s next, though?

Wyc Grousbeck shares the latest update on the sale of the Boston Celtics

According to Wyc, the team could soon be up for grabs, with the bidding process expected to kick off in the near future. And with some estimates placing the franchise’s value at $6 billion, it’s certain that an exciting auction is about to happen! Then again, the Boston Celtics aren’t just any team, now, are they?

For one, they are a historic franchise with a roster built to compete for championships in the years ahead. Under such circumstances, rumors have swirled about interested parties in snapping this legendary NBA powerhouse. In fact, speculations include Amazon founder Jeff Bezos, although his interest does remain uncertain. However, the one name that we know is truly interested is none other than Stephen Pagliuca.

One of the original owners, he has already made his interest in owning the franchise public in a statement. With Pagliuca already throwing his hat in the ring, and the prospect of other high-profile bidders waiting in the wing, the question now isn’t just who will buy – but what this next chapter will look like.

Will the new owner maintain the same commitment to a championship roster? Or will we see the franchise take a bold, new direction?