The decision to sell the Boston Celtics by the Grousbeck family stemmed from concerns raised by Irving Grousbeck regarding the franchise’s growing payroll obligations, as per sources cited by the New York Post.
With a controlling interest of around 20 percent in the Celtics, Irving Grousbeck is a major stakeholder, while Wyc Grousbeck serves as the franchise’s governor, owning about three percent of the team.
Despite winning the NBA championship in the 23-24 season, the Celtics saw minimal profits, expecting to incur losses of approximately $80 million in the 24-25 season due to luxury tax penalties, an insider close to the sale negotiations revealed. This financial strain is projected to worsen in the following season.
According to one source, “That’s the outcome when most of the funding comes from dad.” Another source mentioned, “Wyc is willing to spend whatever is necessary, but dad wasn’t willing to sustain financial losses.”
Wyc Grousbeck has asserted that the decision to sell is driven by estate planning reasons rather than financial setbacks.
