Adam Silver saddened by Wyc Grousbeck selling his share of Celtics shortly after championship
At an NBA Board of Governors press conference, commissioner Adam Silver said he was sadded by Wyc Grousbeck’s decision to sell his share of the Boston Celtics. The defending champions are set to enter a transitional phase, and Silver outlined Grousbeck’s impact on the NBA as well as the Boston Celtics.
Alongside Steve Pagluica who is set to remain at the helm, Wyc Grousbeck bought his Celtics stake back in 2002 for $360 million (New York Times). The team has since won the championship twice, with the first ring arriving back in 2008.
While the sale itself is down to estate and family planning, Silver claimed that he was saddened by it, as Grousbeck had been a model owner who had been involved in virtually every aspect:
"He’s been a leader in terms of our committee system at our board. He’s been intimately involved in every aspect of the league, from collective bargaining to revenue sharing to media. I understand the family circumstances and why he and his family have elected at this moment to sell the franchise.
"I'm frankly saddened by it, just because not only have they won two championships, but beyond that, they've operated the team in a first-class manner and he's been a first-class owner in this league."
Talking about a range of issues including the newly-instituted second-apron rules, Adam Silver claimed that they have been introduced to bring about a uniformity in the league and to allow all franchises to compete on the same footing.
Wyc Grousbeck’s sale of Boston Celtics to be completed by 2028
Wyc Grousbeck’s stake of $360 million has skyrocketed since initially buying it in 2002. With the team currently estimated to be worth around $4.7 billion (per Forbes), 51% of the stake is set to be sold in the coming months, while the remaining 49% is set to be sold by 2028.
Further, Grousbeck himself is set to remain in the organization until 2028 to ensure a smooth transition:
"I would love that to happen and that’s the expectation," Grousbeck said. "We will see what plays out and go from there. … The plan, the expectation is to sell the team in two parts. Fifty-one percent going fairly soon, 49 percent then closing in a second closing, that’s the expectation, in 2028."
While the Celtics are among multiple teams in the league that are expected to pay a luxury tax bill considering their payroll has surpassed $200 million, Grousbeck also maintained that the overall valuation of the franchise had only increased during his tenure:
"It has gone great that way," he said. "But we are paid in enjoyment and we love it and really, it’s the truth. But these (franchises) have gotten more valuable than I ever expected. It’s a chance to be on a global stage and compete."
That is entirely expected, considering the kind of success the Celtics have enjoyed in recent seasons and the number of bona fide stars that they have in their ranks.