In 2010, Joe Lacob made headlines by acquiring the Golden State Warriors for $450 million, a move that would set the stage for a remarkable era in the franchise's history. Since then, Lacob's stewardship has been nothing short of transformative, overseeing four NBA championships and significantly increasing the team's value.
A key aspect of Lacob’s vision was the construction of the Chase Center, a state-of-the-art arena that has become synonymous with the Warriors' success. Lacob's commitment to the Warriors and its fanbase is unequivocal. "No chance, sorry. That ship sailed a long time ago — a long, long time ago. I'm a Warrior, this is my identity, it's our identity. I love what we've done. I love our fans, our arena (and) the last decade, and I just wanna do more. I just wanna create an even longer and even greater legacy for this organization," Lacob stated.
Meanwhile, in Boston, another significant shift is underway. Boston Basketball Partners L.L.C. has announced its intention to sell all shares of the Boston Celtics. After rigorous internal discussions and considerations centered on estate and family planning, the controlling family has decided to divest its ownership. The ownership group, which includes Wyc Grousbeck, acquired the Celtics in 2002 for $360 million. Forbes' latest valuation in October 2023 places the Celtics’ worth at a staggering $4.8 billion.
"Boston Basketball Partners L.L.C., the ownership group of the Boston Celtics, announced today its intention to sell all the shares of the team. The controlling family of the ownership group, after considerable thought and internal discussion, has decided to sell the team for estate and family planning considerations," the group announced. The managing board expects to sell a majority interest by 2024 or early 2025, with the remaining shares to be sold by 2028. Grousbeck is anticipated to remain as the Governor of the team until the final closure in 2028.
The financial landscape for the Celtics is also noteworthy. Jayson Tatum recently secured a colossal five-year, $314 million extension, while Jaylen Brown signed a five-year, $303 million contract the previous summer. Derrick White, a key player, earned a four-year extension worth $125 million. Additionally, the team’s roster includes high-earning talents like Jrue Holiday and Kristaps Porzingis, each commanding salaries exceeding $30 million annually.
These mega-deals have projected the Celtics' payroll to surpass $200 million by the 2025-26 season. Correspondingly, the luxury tax bill is estimated to balloon to $250 million, pushing the total financial commitment for the 2025-26 season to over $450 million. Such monumental figures underscore the financial strategy and ambitious vision that the Boston Basketball Partners L.L.C had for the franchise.
While the Celtics navigate these transitions, both teams exemplify how strategic ownership can dramatically transform the fortunes of a franchise. Joe Lacob’s success with the Warriors serves as an inspirational blueprint, while the Celtics’ forthcoming ownership changes illustrate the intricacies of managing a high-value sports entity in today’s economic climate.