A wild new Boston Celtics rumor claims that one of the team’s minority owners is trying to put together an alliance with other shareholders to buy the team at below-market value.
The Celtics brand is as strong as ever to begin the 2024-25 NBA season. They have been a playoff team for the last decade. Made two trips to the Finals in the last three seasons. And brought the franchise a record 18th NBA Championship earlier this year.
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With the franchise on course to be elite for several more seasons it should come as no surprise that the majority ownership group, led by Wyc Grousbeck, decided to put the organization up for sale this summer. It is a smart business move to sell high, and reports have suggested that the Boston Celtics could be sold for as much as $6 billion.
Since the reports of the franchise being up for sale broke, several wealthy individuals have been linked to a purchase. Earlier this month the brother of Amazon boss Jeff Bezos and Granite Telecommunications CEO Richard Hale were rumored to be kicking the tires ahead of a potential offer.
However, an interesting report from the New York Post this week revealed a new contender. And he is looking to buy the franchise for a discounted rate.
- Boston Celtics record (2024): 4-0
Steve Pagliuca could end up buying the Boston Celtics for a billion-dollar discount
“Steve Pagliuca, who owns about 20% of the reigning NBA champs, has pressed minority shareholders who own roughly another 30% to fall in with him in bidding for the Celtics,” the Post revealed. “If he can get firm commitments from the other investors, it would give him leverage over any deep-pocketed buyers who may jump in as the bidding process tips off.”
The Post also claims that the Bain Capital co-founder has also hired investment banks Allen & Co. and Raine Group to help him prepare a potential bid. Thus far, there has been no serious movement from any super-rich individuals to buy the team. They speculate that if none come forward, Pagliuca and his consortium would have the leverage to drive down the price and could end up getting the team for $5 billion instead.
The outlet did reveal that John Henry’s Fenway Sports Group does have an interest in the Celtics. However, the man who oversees the Boston Red Sox reportedly “might prefer partnering with Pagliuca and combining the Celtics and Sox as opposed to going it alone.”
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