Wyc Grousbeck’s Stake in Celtics to Fall Below NBA’s 15% Governor Threshold
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Wyc Grousbeck will hold slightly under 15% of the Boston Celtics once the franchise’s $6.1 billion sale to investor Bill Chisholm is finalized, according to ESPN reporters Shams Charania and Ramona Shelburne.
NBA rules require the team governor to own at least 15% of a club. Because Grousbeck’s stake will dip below that mark, Chisholm will assume the governor title when the transaction closes, league sources told ESPN. The closing is expected within the next week.
Grousbeck, who led the ownership group that bought the Celtics in 2002, will remain the organization’s chief executive officer and take on the role of alternate governor. Team operations are not expected to change; Brad Stevens will continue overseeing basketball decisions, while Rich Gotham will remain in charge of business operations.
The Celtics sale is structured in two stages. In the first step, Chisholm’s group will acquire at least 51% of the franchise at a valuation of $6.1 billion. A second transaction in 2028 will buy out remaining minority shareholders, valuing the club at about $7.4 billion, The Athletic reported.
For a marquee franchise such as Boston, the NBA’s 15% ownership threshold equates to an investment of roughly $915 million. Grousbeck had initially said he planned to stay on as governor through the 2028 season before the league’s ownership requirements prompted the restructuring.
Source: Basketball Insiders
