Many in the NBA community were surprised to hear that the Celtics were up for sale shortly after winning the NBA championship, and a family dispute has been revealed as the underlying reason.
The Celtics are owned by the Boston Basketball Partners, with Wyc Grousbeck as the face and team Governor. However, he personally owns only about three percent of the team, according to The New York Post.
Wyc’s 90-year-old father, Irving Grousbeck, holds a controlling 20 percent stake in the team.
Despite the Celtics winning the championship, it was achieved with one of the most expensive rosters in the NBA.
The roster is expected to cost around $500 million for the 2025-26 season, which does not sit well with Irving.
“Irving Grousbeck… was hesitant to cover the substantial losses expected from the high contracts that contributed to the Celtics winning their record 18th NBA championship in June,” sources told The Post.
“The team barely broke even last season, and it is estimated to suffer approximately $80 million in losses due to luxury tax penalties for exceeding the salary cap in the upcoming season starting next month,” a source involved in the sale process revealed.
“This amount is likely to significantly increase in the 2025-26 season with stricter penalties for surpassing the salary cap.”
Another source cited by The Post expressed, “Wyc claims we will spend whatever is necessary, but his father was opposed to operating at a loss.”
The Celtics’ total payroll and taxes for the 2024-25 season are projected to be approximately $262 million, ranking fourth highest in the league.
Wyc Grousbeck insists that the sale is solely for “estate planning” purposes.
“The Grousbeck family is selling the team for estate and family planning reasons. Any suggestion that the sale is connected to financial losses is completely false,” he affirmed.
READ MORE: ‘Selfish’: Kendrick Perkins Calls Out Jayson Tatum
