Wyc Grousbeck reveals new details about plan to sell Celtics

Wyc Grousbeck spoke publicly for the first time Monday since announcing his ownership group Boston Basketball Partners L.L.C intended to sell their majority ownership share in the Celtics last week. Grousbeck made an appearance on CNBC’s Closing Bell program on Monday afternoon and revealed new details about his ownership stake, how his majority stake would be sold and potential interested bidders in the process.

Grousbeck began his remarks about the sale by making a clear distinction about the ownership of the Celtics franchise itself. Despite serving as governor, Grousbeck acknowledged he was not the principal owner of the stake.

“I want to clarify, it’s not my majority stake,” Grousbeck said. “The control of the team is owned by my family, so it’s a family that I belong to and then I have the Celtics family I also belong to, so there’s an intersection and there’s an involvement. The family has been involved for 22 years. There’s been discussions and thoughts about estate planning and family planning.”

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Grousbeck also revealed new details about how the ownership group hoped to close the transaction in two parts, acknowledging that the majority of his family’s ownership stake could be sold by early 2025.

“The plan, the expectation is to sell the team in two parts, 51 percent going fairly soon,” Grousbeck said. “49 percent then closing in a second closing, that’s the expectation in 2028. I’m planning or expected to stay on until 2028 (as governor) and we’re going to hire bankers and advisors and this is going to be quite a bidding process.”

Grousbeck also addressed the statement that he intends to remain governor of the team until 2028 despite the two-part sale beginning next year.

“That’s how we planned it out,” Grousbeck said. “I would say that’s the expectation going into this process. I would love that to happen and that’s the expectation. We will see what plays out and go from there.”

Grousbeck refused to comment on any potential buyers beyond acknowledging current team co-owner Steve Pagliuca would be involved in the bidding process.

“Steve has been a terrific lead partner, lead co-owner in many ways,” Grousbeck said. “Brought Danny Ainge to the table back in the day when we were looking for a general manager. Steve has been great and is a great person and we welcome him for sure in the bidding process.”

Grousbeck failed to directly address the possibility of Red Sox owner John Henry or another Boston-based owner taking control of the franchise but maintained that the team would be left in good hands upon completion of the sale.

“We haven’t even begun the process but the family has agreed to find a new ownership group coming in that will make everybody proud of the Celtics moving forward.”