In 2010, Joe Lacob made a move that would not just change his life but alter the trajectory of one of the NBA's most storied franchises. Purchasing the Golden State Warriors for $450 million, Lacob has overseen a transformation that has seen the organization reach unprecedented heights. Under his ownership, the Warriors have secured four NBA championships, constructing a legacy that resonates with fans and players alike.
Lacob's transformative influence is perhaps best symbolized by the Chase Center, the state-of-the-art arena that stands as a testament to his ambitious vision for the team. Reflecting on his journey, Lacob expressed his unwavering commitment: "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 other side of the country, the Boston Celtics are preparing for a significant transition of their own. The Boston Basketball Partners L.L.C., the ownership group that acquired the Celtics in 2002 for $360 million, has announced its intention to sell all shares of the team. Citing estate and family planning considerations, the controlling family has decided that the time has come for new ownership to take the reins.
"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," said the group in an official statement.
The timeline for the sale is set, with a majority interest expected to be sold by 2024 or early 2025 and the remaining shares by 2028. Throughout this period, Wyc Grousbeck is anticipated to continue in his role as Governor of the Boston Celtics until the final transaction is closed. "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 statement continued.
As the Celtics navigate this transition, their financial landscape is one that reflects the investments made in building a competitive team. Led by stars like Jayson Tatum and Jaylen Brown, who signed lucrative deals worth $314 million and $303 million respectively, the Celtics have secured their core. Derrick White has also committed to a four-year extension worth $125 million, while Jrue Holiday and Kristaps Porzingis each command salaries exceeding $30 million annually.
However, the financial commitment doesn't stop there. The payroll for the Celtics is projected to surpass $200 million by the 2025-26 season, accompanied by an anticipated luxury tax bill of $250 million. This places the total financial obligation for the Celtics at over $450 million for that season, indicating a substantial investment in pursuing championship contention.
Forbes' valuation of the Celtics in October 2023 placed the franchise's worth at an impressive $4.8 billion, underscoring the economic growth seen in the NBA and the value of historic franchises. With strategic leadership and core players locked in, the Boston Celtics' future sale is expected to attract significant interest from potential buyers aiming to leave their mark on the NBA.
As one chapter closes for the Boston Basketball Partners L.L.C. and potentially opens a new era for the Celtics, the legacy of both the Golden State Warriors under Joe Lacob and the anticipated shifts in Boston provide a compelling narrative of ambition and evolution in the world of professional basketball.