Boston Celtics ownership group announces plan to sell the team

BOSTON — The majority ownership group of the Celtics, led by Wyc Grousbeck, announced plans to sell the team on Monday afternoon, just days after Boston held a rolling rally in celebration of the franchise’s long-awaited Banner 18.

“Boston Basketball Partners L.L.C., the ownership group of the Boston Celtics, announced today its intention to sell all the shares of the team,” a statement issued by the team read. “The controlling family of the ownership group, after considerable thought and internal discussion, has decided to sell the team for estate and family planning considerations.”

The managing board of the ownership group says it expects to sell a majority interest in 2024 or early 2025, with the balance closing in 2028.

Grousbeck is expected to continue in his role as the governor of the team until the second closing in 2028.

Boston Celtics Victory Event & Parade BOSTON, MASSACHUSETTS - JUNE 21: Owner Wyc Grousbeck of the Boston Celtics reacts as he holds the Larry O'Brien Championship Trophy during the 2024 Boston Celtics championship parade following their 2024 NBA Finals win on June 21, 2024 in Boston, Massachusetts. (Photo by Billie Weiss/Getty Images) (Billie Weiss/Getty Images)

Jayson Tatum Wyc Grousbeck Boston Celtics' Jayson Tatum, right, and Celtics owner Wyc Grousbeck, center, celebrate their NBA basketball championship with a duck boat parade Friday, June 21, 2024, in Boston. (AP Photo/Michael Dwyer) (Michael Dwyer/AP)

Boston Celtics Victory Event & Parade BOSTON, MASSACHUSETTS - JUNE 21: Boston Celtics Owner Wyc Grousbeck reacts during the Boston Celtics Victory Event following their 2024 NBA Finals win at TD Garden on June 21, 2024 in Boston, Massachusetts. (Photo by Maddie Malhotra/Getty Images) (Maddie Malhotra/Getty Images)

2024 NBA Finals - Game Five BOSTON, MASSACHUSETTS - JUNE 17: Majority owner Wyc Grousbeck of the Boston Celtics celebrates in the locker room after Boston's 106-88 win against the Dallas Mavericks in Game Five of the 2024 NBA Finals at TD Garden on June 17, 2024 in Boston, Massachusetts. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Elsa/Getty Images) (Elsa/Getty Images)

Boston Celtics v Indiana Pacers - Game Four INDIANAPOLIS, INDIANA - MAY 27: Owner of the Boston Celtics ‎Wyc Grousbeck accepts the Bob Cousy Trophy after winning in Game Four of the Eastern Conference Finals at Gainbridge Fieldhouse on May 27, 2024 in Indianapolis, Indiana. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Justin Casterline/Getty Images) (Justin Casterline/Getty Images)

Boston Celtics v Indiana Pacers - Game Four INDIANAPOLIS, INDIANA - MAY 27: Owner of the Boston Celtics ‎Wyc Grousbeck hoists the Bob Cousy Trophy after winning Game Four of the Eastern Conference Finals at Gainbridge Fieldhouse on May 27, 2024 in Indianapolis, Indiana. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Justin Casterline/Getty Images) (Justin Casterline/Getty Images)

GF Default - Wyc Grousbeck joins Tom and Butch

Grousbeck led the group that bought the Celtics for $360 million in 2002. The team is now worth $4.7 billion, according to Forbes.

The Celtics won their 18th title in franchise history in June, defeating the Dallas Mavericks in the NBA Finals in five games.

“These guys go in the history books and they go in the record books,” Grousbeck told Boston 25 Sports Director Butch Stearns as the team celebrated after the historic victory. “Best offense ever, great defense. People don’t understand -- to play defense like that is exhausting. To then have the best offense ever after that defense is world-class and we are world-class.”

The team didn’t specify if it already has buyers lined up.

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