The reigning NBA champion Boston Celtics are going on the market.
The team’s ownership group, Boston Basketball Partners LLC, has decided to sell the franchise for estate and family planning considerations, according to a Celtics statement. The owners expect to sell a majority interest this year or early 2025, with the remainder closing in 2028.
The Celtics are going on sale at a time of surging valuations for pro sports teams. That’s prompted more franchises to sell minority stakes or offer up control. In the past year, the NBA alone has seen three franchises change hands, with the Phoenix Suns, Charlotte Hornets and Dallas Mavericks all going for $3 billion or more.
Boston won its 18th title last month — the most in league history — and had the best record (64-18) in the regular season. The franchise boasts young stars in Jayson Tatum and Jaylen Brown.
Sportico values the Celtics at $5.1 billion, the fourth-highest in the league. The current ownership group, led by Wyc Grousbeck and including Stephen Pagliuca, bought the team for $360 million in 2002.
The sale comes at a time where the league is in the midst of negotiating a $76 billion media dealwith ESPN, Comcast and Amazon. The deal has not yet been announced. NBA Commissioner Adam Silver has said when the league finishes negotiating its media deal it will look to expand, likely adding two new franchises.
ESPN reported the news earlier.