The NBA champions are up for sale.<\/p>\n\n\n\n
The Boston Celtics\u2019 ownership group announced Monday that it plans to sell the team, according to a statement<\/a> posted to the Celtics\u2019 X social media account.<\/p>\n\n\n\n The controlling family of the ownership group, Boston Basketball Partners LLC, said it intends to sell all of its shares in the team \u201cfor estate and family planning consideration.\u201d<\/p>\n\n\n\n The sale of a majority stake is expected to be completed by the end of 2024 or early 2025, with the remainder of the sale closing in 2028, according to the statement.<\/p>\n\n\n\n As sports franchise valuations soar, the Celtics could fetch a particularly high price. The team is among the most successful and most widely followed in U.S. professional sports, and won its NBA record 18th championship last month.<\/p>\n\n\n\n Wyc Grousbeck led a team of buyers to acquire the Celtics for $360 million in 2002. Grousbeck, a native of Massachusetts and lifelong Celtics fan, expects to remain governor of the team until the second closing in 2028.<\/p>\n\n\n\n Grousbeck is also part of the ownership group<\/a> behind the tequila brand Cincoro, which includes other NBA team owners and Hall of Famer Michael Jordan.<\/p>\n\n\n\n Representatives for Grousbeck and the team didn\u2019t immediately respond to requests for comment.<\/p>\n\n\n\n The Celtics became the latest NBA champions after beating the Dallas Mavericks in five games of the Finals in June. It was the team\u2019s second championship under Grousbeck\u2019s ownership.<\/p>\n\n\n\n U.S. professional sports teams, especially those in the NFL and NBA, have been garnering high valuations when owners sell a stake, if not the entirety of the team.<\/p>\n\n\n\n In 2023, the NBA\u2019s Phoenix Suns and WNBA\u2019s Phoenix Mercury were sold<\/a> to Matt Ishbia for a record valuation of $4 billion.<\/p>\n\n\n\n Meanwhile, the media rights for the leagues have never been more lucrative, as live sports beckon the biggest TV audiences.<\/p>\n\n\n\n Negotiations surrounding the NBA\u2019s media rights are ongoing<\/a> with an announcement expected soon. Comcast<\/a>\u2019s NBCUniversal is expected to pay $2.5 billion per year, with Disney<\/a>\u2019s ESPN and Amazon\u2019<\/a>s Prime Video among the other bidders, CNBC has previously reported<\/a>.<\/p>\n\n\n\nSports valuations, media rights climb<\/strong><\/strong><\/h2>\n\n\n\n