A bolt from the blue. Very serene, in fact. Because the Celtics have been walking on clouds for two weeks now, after the victory in game 5 over Dallas that gave the black and greens their 18th NBA title, an all-time record. Wyc Grousbeck and Steve Pagliuca, majority shareholders of the black and greens, have announced that they have put the historic franchise up for sale.
the reasons
—
Why sell just after winning the second title of their management? We are talking about owners who have deep ties to the region, who bleed green and white, but also businessmen, who if they have come this far, know how to move in the financial field. When they bought the Celtics in 2002, they paid 360 million dollars for them. Today they could be worth more than 5 billion, if we consider that the Phoenix Suns, the last NBA franchise to change hands, were sold for 4 in February 2023. And then there is the issue of contract renewals. Last summer Jaylen Brown signed a 5-year maximum for 285 million. And just today Jayson Tatum signed a 314 extension, the richest contract in NBA history, which ties him to Boston until the end of the 2029-30 season. Shortly before they had renewed Derrick White, 4 years for 125 million.
salary cap
—
And since there is a salary cap to respect, set at 140 million for next season, the Celtics will pass the two gates that lead to additional taxes to pay. In 2025-26, whoever exceeds the cap of 20 million will see the luxury tax increase by 40%, even 52.6% for those who exceed it for the second consecutive year. So we are talking about hundreds of millions of dollars in outgoings. This is probably why Pagliuca, who is also a majority shareholder of Atalanta, and Grousbeck have decided to put the Celtics up for sale. It is not yet known who the future buyers could be. The change of ownership will be gradual and will take place by the end of the year or the beginning of 2025, with Grousbeck remaining in the role of reference owner until the second closing, which will take place in 2028. Maybe with one or more banners hanging from the ceiling of the Garden before then.
