fbpx

Boston Celtics minority owner selling his share of the franchise

Celtics logo during NBA game against the Lakers
Nov 8, 2017; Boston, MA, USA; The Boston Celtics logo on the center of the floor during the second half against the Los Angeles Lakers at TD Garden. Mandatory Credit: Greg M. Cooper-USA TODAY Sports

The Boston Celtics are about to get a new minority owner to team up with Wyc Grousbeck and other members of the current ownership group led by Boston Basketball Partners.

Minority owner James Pallotta, who just recently sold Italian football club A.S. Roma earlier this year, is looking to move his 10% stake in the NBA franchise.

This is significant for a number of different reasons. The Celtics trade at a reported $2.8 billion valuation right now. Not only would that make Pallotta’s share $280 million, it’s a clear indication that the value of professional sports teams have not dropped too much since the COVID-19 pandemic brought the largest economic downturn in this nation since the Great Depression.

According to Forbes, the Celtics were worth an estimated $3.1 billion back in February, before the pandemic shut down a large majority of the United States’ economy.

Secondly, the NBA has been looking to nurture an environment of inclusion during this age of racial division. It has been doing so through both its words and actions, including creating a foundation to support black communities throughout the United States.

Commissioner Adam Silver and Co. would like nothing more than this 10% to find its way into the hands of a minority individual with both the financial capability and willingness to take on said investment.