A sale of the Boston Celtics is likely to be completed early in 2025, according to a source. The Celtics were put up for sale in July and the process has ramped up in recent weeks.
Stephen Pagliuca is considered one of the frontrunners to purchase the franchise. Pagliuca already owns 20 percent of the Celtics.
“It could be that we’re hitting a tipping point a bit,” one investor said. “Most owners that have been in for a while in any of the sports leagues are sort of asset rich and cash poor. Most of the long-term standing owners, I think, if you ask them, I think in their wildest dreams, they could never have imagined that these teams would become these mini Disneys as I call them, or these phenomenal entities that have tremendous economic capacity.”
The Celtics will be the ninth NBA team to have its controlling ownership change hands since 2019. Forbes values the Celtics at $6 billion, while Sportico gives the team a $5.12 billion valuation. One NBA owner believes the Celtics could sell for close to $6 billion, while one sports banker predicted a $5.5 billion sale. The investor believes it will go for $4.75 billion.
Wyc Grousbeck is the team’s lead governor, but he only owns about two percent. He and his father, Irv, own roughly 30 percent of the franchise.
“It’s a really complicated agreement,” said one of the people briefed on the Celtics ownership structure.
The Los Angeles Clippers refused to give Paul George either a no-trade clause or a four-year max deal and he responded by leaving the franchise to sign with the Philadelphia 76ers. The decisions was a major reversal for how the Clippers have operated under Steve Ballmer. While the Clippers were willing to continue with George and Kawhi Leonard for another three seasons, they were not prepared to do so for four years.
“I don’t know when the blueprint changed,” Ballmer told ESPN. “The truth of the matter is our situation was changing just because the guys are getting older anyway. So the way to think about it with Paul or without Paul, it started to morph on us.”
The Clippers wanted George to re-sign, but would only offer $150 million over three seasons.
“We wanted Paul back,” Ballmer said. “We made him a big offer. We really wanted him here. We just wanted to not put ourselves in a position where we can’t consistently be good. We offered them the max for three years and Philly offered them the max for four years. OK, I get it. But in terms of our trajectory and staying really good, it was really going to be an issue for us.
“The truth is, with Paul not coming back, we were able to upgrade our team. We don’t [sign] Derrick Jones Jr. if Paul comes back. We don’t [sign] Kris Dunn, [or have] our new defensive identity. Might not have [signed] Kevin Porter Jr., Nico [Batum]. … You could say, well, they’re not Paul George. No, they’re not Paul George.”
Lawrence Frank also explained the Clippers’ position where they would have faced being a second apron team for multiple seasons had they re-signed George.
“Once your pick becomes frozen, [and] if you’re in the second apron for multiple years, you’re really f—ed,” Frank told ESPN. “You’re in a situation where you never have cap space and you never have your midlevel exception and you’re just strictly dealing with minimums and trades. Our goal is we want to be a sustainable contender.”
Nick Richards will miss at least the next two weeks with a rib cartilage fracture underneath his clavicle.
The Hornets did not give a firm update on Richards’ return, except that he will be re-evaluated every other week.
Richards will miss at least the next seven games.
The Hornets are already playing without center Mark Williams, who has yet to appear this season.
Wayne Cavadi was in Lakeland, Florida for opening weekend of the DII men’s basketball season. Here’s a look at what stood out.
Ohio State upset No. 19 Texas in the first game of the season, 80-72, at the 2024 Hall of Fame Series. Watch the full game highlights here from Nov. 4, 2024.