Will Celtics owners be paid for only the second time in over twenty years in the coming days? The question may seem strange, but it echoes a phrase from Wyc Grousbeck, spoken in front of his comrades, those who helped him buy the Boston franchise in 2002.
This 62-year-old man, already the son of a millionaire and himself very rich, was not alone when he took control of the Celtics. Indeed, to support it, more than ten people were needed to put $360 million on the table – the largest sum ever dropped for an NBA franchise at the time.
“I don’t want to take your pocket money. You are all very wealthy and I only want a small percentage of your fortune. You invest with me and I’ll manage the Celtics. I will treat you as partners”, he announced.
And to this group of investors, he has a simple message to convey: the Boston project is not a financial project, but a pleasure project. Let them go and earn money elsewhere, as he does, because it is not on the floor of TD Garden that the dollars will rain down.
“It’s not about having a small return on investment with a percentage. We talk about winning titles. You will be paid in joy, in champion parades”declared Wyc Grousbeck, who also added that they were “fans who bought the team”.
“We are losing money. We’re not worried about that.”
However, in 22 years, the owner has only been paid in parade once, in 2008. But, as he himself says, he made this purchase ” by love “ and the adventure with the Celtics is not a question of bank account. “We are losing money. We’re not worried about that.”, underlines the owner, who will have to pay 48 million dollars in “luxury tax” next season. And even more if Jayson Tatum is extended at a high price.
This financial effort will be less painful if the Celtics confirm their lead (2-0 against Dallas) in the coming days and win the Finals. In addition, the Massachusetts franchise is now valued at $4.7 billion according to the latest estimates from Forbes. We are therefore far from the 360 million paid out in 2002 and if Wyc Grousbeck wants to make money, he knows that by selling his shares, he will make an enormous capital gain.
“He did an outstanding job managing the owners. It was a pleasure to meet them,” remembers Danny Ainge, historic leader of the Celtics between 2003 and 2021. “No one is annoying or frustrating, they are great partners. They know how to stay in their place and let us do our job. »
The pleasure is all Wyc Grousbeck’s, right? “It’s even more fun than you might think.”, he replies with a smile when asked if it’s nice to be the owner of the Celtics. And it will be even more so in a few days, if two more victories are won against the Mavericks…
2024-06-11 14:33:07
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