In 2010, Joe Lacob took a significant leap into the realm of NBA history by purchasing the Golden State Warriors for $450 million. Fast forward to today, and the Warriors stand as one of the most successful and valuable franchises under his astute leadership, winning four NBA championships and constructing the state-of-the-art Chase Center.
Reflecting on his commitment to the Warriors, Lacob stated, "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."
Meanwhile, on the East Coast, significant shifts are on the horizon for another historic NBA franchise. Boston Basketball Partners L.L.C., the ownership group behind the Boston Celtics, has announced its intention to sell all the shares of the team. Purchased in 2002 for $360 million, the decision aligns with estate and family planning considerations, as detailed by the ownership group.
In a formal announcement, Boston Basketball Partners L.L.C. disclosed, "The managing board of the ownership group expects to sell a majority interest in 2024 or early 2025, with the balance closing in 2028, and expects Wyc Grousbeck to remain as the Governor of the team until the second closing in 2028."
The changes in ownership come at a time when the Celtics' financial landscape is undergoing notable transformations. Forbes valued the Celtics at $4.8 billion as of October 2023, reflecting their esteemed position within the NBA. Key player contracts contribute to this valuation, with Jayson Tatum securing a five-year, $314 million extension during the summer, and Jaylen Brown signing a five-year, $303 million deal the previous summer. Additionally, Derrick White's four-year, $125 million extension, along with Jrue Holiday and Kristaps Porzingis earning more than $30 million annually each, underscores the Celtics' substantial financial commitments.
These lucrative contracts are set to push the Celtics' payroll beyond $200 million by the 2025-26 season, with an anticipated luxury tax bill of $250 million. Overall, the franchise's total financial commitment for the 2025-26 season is projected to exceed $450 million, raising questions about the fiscal strategies leading into the upcoming ownership transition.
The transition period promises to be a pivotal chapter for the Celtics, balancing immediate financial pressures with the long-term vision of sustainable success. Throughout this period, Wyc Grousbeck's continued role as Governor aims to ensure both stability and continuity until the final closing phase in 2028. Such moves will be closely watched as the Celtics navigate this complex and financially intense landscape, striving to maintain their competitive edge and heritage in the league.
As the NBA watches these pivotal ownership changes and the strategies of two iconic franchises unfold, one thing remains clear: the decisions made today will be critical in shaping the future legacies of both the Golden State Warriors and the Boston Celtics.