The Boston Celtics are for sale and thus far non mega-billionaire suitors have emerged to bid on the franchise, sources tell the New York Post. The Celtics' controlling owners, Irving Grousbeck and his son Wyc Grousbeck, put the team up for sale in July. The Grousbeck family owns approximately 30 percent of the team.
The Celtics were valued at $6 billion by Forbes in their annual rankings released last week.
Current minority owner Steve Pagliuca is attempting to become the controlling owner. Pagliuca owns 20 percent of the team already and has pressed minority shareholders who own roughly another 30 percent to fall in with him in the bidding. This could give Pagliuca leverage and bring down the valuation to $5 billion. Pagliuca is managing director, but there are reports of a strained relationship with Wyc Grousbeck.
A Pagliuca spokesman insisted there is no animosity between the two.
“Steve and Wyc enjoy both a close personal and professional relationship and any suggestion to the contrary is simply false,” the spokesman said.
The Celtics do not own their arena and are facing rising luxury tax bills.
“When you pay $6 billion for an NFL team they are making $250 million a year,” the sports banker said. “The Celts are losing money and that makes this a little harder.”
