In 2002, Wyc Grousbeck bought the Boston Celtics for $360 million. 23 years later he sold the franchise for a staggering $6.1 billion to William Chisholm. There were several bidders on the line including Fenway Sports Group’s owner John Henry and Philadelphia Eagles’ boss Jeffrey Lurie. But, surpassing every big name in the ownership, Chisholm, a die-hard C’s fan got the dream deal. However, there is a rather greater heartbreak lurking in the shadows of the massive sale.
Boston bagged the biggest in North American sports. Several bidders entered the race, including co-owner Steve Pagliuca. But disappointment followed when news broke Thursday that the Chisholm secured the team. Pagliuca took to social media, voicing his regret.
For nearly nine months, Steve Pagliuca fought to keep the Boston Celtics with those who “understand and appreciate what it means to be a steward of the Boston Celtics, a team steeped in Championship tradition.” He worked tirelessly, united the majority of existing owners, and recruited new partners with “deep resources and expertise in technology and international markets.” He aimed to build a future where Boston “can always compete for Championships, luxury taxes be damned.” But despite his relentless efforts, he couldn’t secure the bid.
Here’s my statement on today’s news. pic.twitter.com/lhKCslEcgF
— Steve Pagliuca (@pagsceltics) March 20, 2025
Moreover, Pagliuca poured his heart into his bid, offering a “fully guaranteed and financed offer at a record price” with no debt or private equity to hold the team back. He believed it was “the best offer for the Celtics,” built by “true fans, deeply connected to Boston’s community.” But the outcome wasn’t in his favor. Still, he remains grateful. “I will be forever grateful for all the memories along the way.”
“As Red Auerbach said, ‘the Celtics are not just a basketball team team, but a way of life,’ and my family and…” Steve Pagliuca continued, “…I will continue to be a lifelong fan and cherish the honor of being part of the organization for so many years.” Pagliuca made one thing clear—his Celtics journey isn’t over. “I will never stop being a Celtic,” he said, leaving the door open. If the deal falls through, he and his partners are “ready to check back into the game and bring it home.” The mission remains the same—“to help continue what the Celtics do best—win.”
Amidst the unexpected heartbreak, the Boston Celtics found its new owner. However, the $6.1 billion wasn’t the only reason why Wyc Grousbeck decided to sell the franchise. There is a bigger picture that deserves some attention and that is the luxury tax that has turned into an eyesore for the bosses.
Luxury taxes also pushed the Boston Celtics toward a sale to Chisholm
Boston Basketball Partners LLC has finalized a deal to sell the Boston Celtics. An investor group led by Boston native and lifelong fan William Chisholm will take over. Pending NBA approval, a new chapter begins. Yet, Wyc Grousbeck remains the driving force behind the franchise. He will stay on as CEO and Governor. He will lead the team through the 2027-28 season.
Meanwhile, the green legacy changes hands, but the Celtics’ spirit remains unshaken. Sportico valued the team at $5.64 billion, but the real question was—would the sale cross $6 billion? Now, the answer is clear. At $6.6 billion, this record-breaking deal eclipses the $4 billion Suns’ sale. Beyond the numbers, it’s the end of an era. Wyc Grousbeck passes the torch of a franchise built on passion, history, and 17 banners.
Credit: IMAGN IMAGES
However, the Boston Celtics face a financial storm in 2024-25. Their $193 million payroll and a crushing $53.4 million luxury tax bill push them beyond the second apron. This threshold comes with harsh penalties—frozen draft picks and spending restrictions. Staying over it threatens long-term flexibility. Another factor that may have led the Grousbeck family to sell.
Surely, the C’s sale marks both an end and a beginning. A record-breaking $6.1 billion deal shifts ownership, but Boston’s spirit remains unshaken. Undoubtedly, Steve Pagliuca’s heartbreak lingers, yet his devotion never fades. Meanwhile, financial strains loom. A $193 million payroll and a $53.4 million luxury tax bill tighten the noose. The second apron’s penalties add pressure. Perhaps, for Grousbeck, the choice was clear—pass the torch before the weight became too much to bear.
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