Must read article about Wyc and the other owners' willingness to spend

[Gant]

‘We will be paid in parades.’ For Celtics owner Wyc Grousbeck, it has never been about making money.
Over 21 years of ownership, Grousbeck and his partners have adopted a long-term, spend-to-win strategy that might just be paying off for years to come.

Grousbeck set the tone with his partners early on. The Celtics would not be run like a family business. His pitch: You’ve made your money elsewhere. We won’t lose your shirt, but ownership is about hoisting Banner 17 and many more to come. They would need to spend to win.

“I don’t want your lunch money or your college fund. You’re all very well-to-do people. I want a small percentage of your net worth. You put it into the Celtics and alongside me, I will run it. But I will treat you all like partners,” he told them. “But this is not about a percentage return or anything like that. This is about winning championships . . . so we will be paid in enjoyment. We will be paid in parades.”

“Many new owners come in and try to make a splash, and they’ll immediately go out and pay a lot of money for old players that make the team a little better, but it’s really hard to win the championship, unless you have a mix of old and young players,” said Pagliuca. “It’s just like a business. When you try to do like a get-rich-quick scheme, it doesn’t work. So you’ve got to draft, you’ve got to have training, you got to grind it out.”

But titles can be expensive. The Celtics are losing money, Grousbeck acknowledged, because the team has exceeded the NBA salary cap, triggering a luxury tax the league levies to encourage competitive balance. The Celtics are expected to shell out nearly $48 million in luxury tax next season, the third highest in the NBA, according to Spotrac. That number is likely to grow larger if the Celtics re-sign Tatum, whose contract is coming up for renewal.

“We are losing money,” Grousbeck said. “We are unconcerned by that.”

So how fun is it to be the Celtics owner?

“It’s even more fun than you think it is,” said Grousbeck with a wide smile.

https://www.bostonglobe.com/2024/06/11/business/celtics-owner-wyc-grousbeck-money-nba-finals/?s_campaign=audience:reddit

[165bows]

‘We will be paid in parades.’ For Celtics owner Wyc Grousbeck, it has never been about making money.
Over 21 years of ownership, Grousbeck and his partners have adopted a long-term, spend-to-win strategy that might just be paying off for years to come.

Grousbeck set the tone with his partners early on. The Celtics would not be run like a family business. His pitch: You’ve made your money elsewhere. We won’t lose your shirt, but ownership is about hoisting Banner 17 and many more to come. They would need to spend to win.

“I don’t want your lunch money or your college fund. You’re all very well-to-do people. I want a small percentage of your net worth. You put it into the Celtics and alongside me, I will run it. But I will treat you all like partners,” he told them. “But this is not about a percentage return or anything like that. This is about winning championships . . . so we will be paid in enjoyment. We will be paid in parades.”

“Many new owners come in and try to make a splash, and they’ll immediately go out and pay a lot of money for old players that make the team a little better, but it’s really hard to win the championship, unless you have a mix of old and young players,” said Pagliuca. “It’s just like a business. When you try to do like a get-rich-quick scheme, it doesn’t work. So you’ve got to draft, you’ve got to have training, you got to grind it out.”

But titles can be expensive. The Celtics are losing money, Grousbeck acknowledged, because the team has exceeded the NBA salary cap, triggering a luxury tax the league levies to encourage competitive balance. The Celtics are expected to shell out nearly $48 million in luxury tax next season, the third highest in the NBA, according to Spotrac. That number is likely to grow larger if the Celtics re-sign Tatum, whose contract is coming up for renewal.

“We are losing money,” Grousbeck said. “We are unconcerned by that.”

So how fun is it to be the Celtics owner?

“It’s even more fun than you think it is,” said Grousbeck with a wide smile.

https://www.bostonglobe.com/2024/06/11/business/celtics-owner-wyc-grousbeck-money-nba-finals/?s_campaign=audience:reddit

Team valuation must have gone up multiple times so it's not exactly a charity. But kudos to them for caring about the product they put out and putting so much into it to be successful.

[Fierce1]

If they only had this spend-to-win strategy in 2008.

I was so disappointed they let Posey walk because they didn't want to give that extra year for 6m.

[Fierce1]

I really believe that letting James Posey go cost the Celtics Banner 18.

[165bows]

Quick poke around reveals the current owners bought the team for $360M, back in '02. Currently valued at $4.7B (as of last year), meaning the valuation of the team has more than doubled every two years, a pretty good rate of return.

All while providing an operating loss that can be off-set towards other gains.

Man why didn't I get in on that.

[Curmudgeon]

Talk is cheap.

Wyc, get out your checkbook and give Derrick White the extension he deserves. Hauser too. Along with Tatum's extension, those are moves they can make even if over the second apron, since they have full bird rights on both of those players.

[Birdon]

I really believe that letting James Posey go cost the Celtics Banner 18.

KG’s right knee injury impacted more than Posey’s absence.

[Fencer reregistered]

I really believe that letting James Posey go cost the Celtics Banner 18.

KG’s right knee injury impacted more than Posey’s absence.

Bench depth was a major problem in Game 7 of the Finals, 2010.

[Birdon]

I really believe that letting James Posey go cost the Celtics Banner 18.

KG’s right knee injury impacted more than Posey’s absence.

Bench depth was a major problem in Game 7 of the Finals, 2010.

Mr. Wallace’s game 7 fiasco, turning Gasol into prime Chamberlain.

[Fencer reregistered]

KG’s right knee injury impacted more than Posey’s absence.

Bench depth was a major problem in Game 7 of the Finals, 2010.

Mr. Wallace’s game 7 fiasco, turning Gasol into prime Chamberlain.

My point exactly.

Wasn't that the game where Brian Scalabrine even got spot minutes?

[BK_2020]

If they only had this spend-to-win strategy in 2008.

I was so disappointed they let Posey walk because they didn't want to give that extra year for 6m.

Posey or not there was no way we survive losing KG.

[BK_2020]

I really believe that letting James Posey go cost the Celtics Banner 18.

KG’s right knee injury impacted more than Posey’s absence.

Bench depth was a major problem in Game 7 of the Finals, 2010.

Pierce and Allen shooting 1 for 50 was the real issue.

[Fencer reregistered]

KG’s right knee injury impacted more than Posey’s absence.

Bench depth was a major problem in Game 7 of the Finals, 2010.

Pierce and Allen shooting 1 for 50 was the real issue.

If you're going that general, I'd go with rebounding instead. 23 freaking offensive rebounds.

https://www.basketball-reference.com/boxscores/201006170LAL.html

And more directly to the Posey point: Tony Allen was -9 in 5:20 of play.

[Hal14]

Talk is cheap.

Wyc, get out your checkbook

I mean, he did just give the richest contract in NBA history to a guy who half this board thinks is the worst player in the league lol.

And just gave a $135 mil extension to a 34 yr old guard like 2 weeks ago.

Just paid Pritchard a few months ago for an extension. Let's not act like he's been cheap and hasn't been getting his checkbook out. We've got the 3rd highest payroll in the league, and that will go up with JB supermax kicking in next season, Tatum's inevitable supermax that will kick in the year after that, etc.

[Birdon]

Bench depth was a major problem in Game 7 of the Finals, 2010.

Mr. Wallace’s game 7 fiasco, turning Gasol into prime Chamberlain.

My point exactly.

Wasn't that the game where Brian Scalabrine even got spot minutes?

Mr. Wallace fouled out and Scal played 51 seconds.
Doc Crymeariver, outcoached by Mr. Jackson, blames the officiating for the loss, avoiding his own responsibility when he failed to contain the 2nd half collapse.

[Fierce1]

If they only had this spend-to-win strategy in 2008.

I was so disappointed they let Posey walk because they didn't want to give that extra year for 6m.

Posey or not there was no way we survive losing KG.

That was 2009.

In 2010, Tony Allen was unplayable in Game 7 because he's not a 3pt threat.

The Cs also used Posey at the 4 spot in the 2008 playoffs and finals.

Posey would have made a difference in that 2010 finals.

[Fierce1]

LAS VEGAS -- The reigning NBA champions are about to lose their glue guy.

James Posey

Posey

James Posey, arguably the most coveted unrestricted free agent left on the market, agreed to a four-year deal with the New Orleans Hornets on Wednesday worth an estimated $25 million, his agent, Mark Bartelstein, said.

Because of future luxury-tax concerns, Boston was apparently reluctant to offer Posey, 31, more than a two- or three-year deal starting at the league's mid-level exception (just under $5.6 million) in spite of Posey's considerable contributions to the Celtics' first championship since 1986.
https://www.pelicansreport.com/showthread.php?50557-Hornets-Sign-James-Posey!!!

[BK_2020]

If they only had this spend-to-win strategy in 2008.

I was so disappointed they let Posey walk because they didn't want to give that extra year for 6m.

Posey or not there was no way we survive losing KG.

That was 2009.

In 2010, Tony Allen was unplayable in Game 7 because he's not a 3pt threat.

The Cs also used Posey at the 4 spot in the 2008 playoffs and finals.

Posey would have made a difference in that 2010 finals.

Posey was like 35 years old in 2010.

[Fierce1]

Posey or not there was no way we survive losing KG.

That was 2009.

In 2010, Tony Allen was unplayable in Game 7 because he's not a 3pt threat.

The Cs also used Posey at the 4 spot in the 2008 playoffs and finals.

Posey would have made a difference in that 2010 finals.

Posey was like 35 years old in 2010.

I just posted the article.

Read the underlined part.

Celtics lost Posey because they refused an extra year on the contract that was only worth 6m.

[lon3lytoaster]

Why are we spending 5+ posts on James Posey 16 years later, when Wyc has been extending everyone

Danny is probably more to blame on that one.