Following the surprising announcement on Monday that the Boston Celtics ownership group plans to sell all of its shares of the team, co-owner Steve Pagliuca released a statement expressing his gratitude for the partnership he has enjoyed over the past 21 years. The sale is expected to take place later this year or in early 2025, with owner Wyc Grousbeck stepping down as governor when the sale is finalized in 2028.
Pagliuca expressed his pride in the two NBA Championships won by the Celtics during his tenure, as well as the team’s commitment to community impact efforts. He highlighted the dedication of investors, coaches, players, and staff to helping those in need in the community. As a co-investor and Managing Partner of the Celtics, Pagliuca described his experience as a great honor and labor of love.
Pagliuca hopes to remain involved with the Celtics moving forward and expressed his intention to participate in the bidding process for the team that was announced. The ownership group, led by Grousbeck’s Boston Basketball Partners LLC, purchased the Celtics in 2002 for $360 million. Since then, the team’s value has grown significantly, currently standing at $4.7 billion according to Forbes. This places the Celtics as the fourth-most valuable team in the NBA, following the Golden State Warriors, New York Knicks, and Los Angeles Lakers.