With the team now for sale, there is a lot of conjecture about who would buy it, but one thing is certain: it will not be the Warriors’ owner. Now that probably the most recognized NBA franchise is for sale, it’s unsurprising that there will be a lot of speculation about who will take over. After all, for those who can afford such an investment, the long-term ROI must be obvious. Right?
Warriors’ Joe Lacob is not interested in purchasing the Boston Celtics.
As any basketball fan today would know, Joe Lacob is the owner of the Golden State Warriors, but what many may not realize is that the Massachusetts
The native was also a minority owner of the Boston Celtics. Indeed, Lacob was a part of the Celtics’ ownership from 2006 to 2010, when he opted to leave the team to purchase the Golden State Warriors for $450 million. Needless to say, the money was well spent, as the Warriors have grown into one of the most formidable teams in the NBA during the last 14 years. Nonetheless, it’s easy to see why there was some speculation that Lacob may return to the Boston Celtics when current owner Wyc Grousbeck stated at the beginning of June that he intended to sell the organization. However, Lacob himself claims that there is no such
The move will be made because he wants to continue building in the Bay Area. Lacob made it clear on “The Athletic NBA Show” that he believes the Celtics should be purchased. “No way, sorry. That ship left a long time ago–a very long time ago. I am a warrior; this is our identity. I’m thrilled with what we’ve accomplished. I adore our fans, our arena, and the last decade, and I just want to do more. I really want to leave an even longer and larger legacy for our institution.” So, what happens to the Celtics now?
Regarding what comes next, there has been no definitive movement in terms of a sale, but we do know that the Celtics have made the decision to sell and, more importantly, have a timeline in place, as noted in the statement released shortly after defeating the Dallas Mavericks in the NBA Finals, claiming a record 18th championship. “The Boston Celtics’ ownership group, Boston Basketball Partners L.L.C., stated today that it intends to sell all of the team’s shares. After much contemplation and internal discussion, the governing family of the ownership group has decided to sell the team for estate and family planning purposes. The management board of the owning group expects to sell a majority part in 2024 or early 2025, with the balance closing in 2028, and expects Wyc Grousbeck to serve as team Governor until the second closing in 2028.” In terms of specifics, it should be noted that the value of NBA clubs has skyrocketed in recent years, owing to increased viewership and overall interest in the sport. For comparison, Forbes valued the Celtics at $4.8 billion in October of last year. Grousbeck and his partners paid $360 million for the squad in 2002, resulting in a significant profit. Add to that the forthcoming luxury tax bill, which is scheduled to With the revised second apron in the new Collective Bargaining Agreement, it begins to make even
Golden State Warriors owner Joe Lacob joined @davidaldridgedc and @ThompsonScribe on @AthleticNBAShow to discuss Klay Thompson’s departure and his impact on the organization.
“He’s just going to be in Dallas for a few years and we’ll have to kick his a—.”
Full episode:… pic.twitter.com/AJajQLn2rR
— The Athletic NBA (@TheAthleticNBA) July 16, 2024
more sense. Consider that the Celtics signed Jayson Tatum to the richest contract in NBA history, a five-year, $314 million extension that surpassed his teammate Jaylen Brown’s five-year, $303 million agreement last summer. It doesn’t end there; Derrick White has signed a four-year, $125 million contract deal, and Jrue Holiday and Kristaps Porzingis will be paid more than $30 million each year. All of this means that by the 2025-26 season, the Celtics will have paid out more than $200 million. It goes without saying that when you consider the expected luxury.
A $250 million tax would bring the total cost of that one season to almost $450 million. In plain terms, whoever inherits the Celtics has two options: pay out a lot of money or breakup a championship-winning roster. As always, keep an eye on this space.
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