CNBC’s Michael Ozanian expects the Celtics to break a record for the sale price of an NBA franchise originally appeared on NBC Sports Boston
The Boston Celtics are for sale, and CNBC senior sports reporter Michael Ozanian expects the defending NBA champions to go for a record price.
Boston Basketball Partners LLC, led by Wyc Grousbeck, announced the intention to sell a majority share of the Celtics shortly after the championship parade this summer. Their press release suggested a sale by the end of 2024 or early 2025, but no real progress has been reported on the price of the franchise.
Ozanian, in an exclusive interview with NBCU Local, shared his thoughts on how the situation could unfold.
“Well, I think what’s interesting about this is that the current owner, Wyc Grousbeck, has said the sale will take place over a number of years,” Ozanian said. “So, I think if it happened over three to four years, that’s an advantage to get a higher price because the group buying the team won’t have to put down all the money at once, they’re not going to have to finance everything at once.”
Grousbeck will remain as Celtics Governor until 2028, when the sale closes. Ozanian sees this as the most significant advantage to get the highest price for the team.
Another factor is the NBA’s new media rights deal that was finalized this summer for 2025 to 2036.
“The other thing is, and the timing was very good, was that as we know, the NBA just got a new national media deal – which is, I think, about 2.7 times its previous media deal, even taking into account the fact that it’s happening . to share some with the WNBA,” Ozanian said.
The current NBA record sale price is $4 billion in 2022, when Mat Ishbia bought the Phoenix Suns from Robert Sarver. With the sale happening years later and for a more marquee franchise, the Celtics should have no problem clearing that figure.
“You have to think the Celtics will sell for at least $6 to $7 billion,” Ozanian said. “The Celtics don’t operate their arena, the arena they play in is operated by the Boston Bruins ownership group, but they have some unique marketing and sponsorship activities in the arena that have helped them.”
Reports have surfaced of several potential suitors not interested in the team, including Amazon founder Jeff Bezos and John Henry of Fenway Sports Group. But at this point, no one is sure exactly who are the best to buy the franchise.