When Joe Lacob purchased the Golden State Warriors in 2010 for $450 million, few could have predicted the transformative impact he would have on the franchise. Over the past decade, Lacob has overseen four NBA championships and seen the franchise's value skyrocket.
Beyond the court's immediate success, Lacob's tenure has seen significant infrastructure developments, most notably the construction of the Chase Center. His leadership and vision have not only established the Warriors as a formidable force in the NBA but also greatly enhanced their financial standing.
“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,” Lacob remarked, emphasizing his commitment and passion for the team.
Boston Celtics on the Selling Block
On the East Coast, the Boston Celtics are on the brink of a major transition. The Boston Basketball Partners L.L.C., the ownership group of the storied franchise, recently announced its intention to sell all shares of the team. This decision stems from estate and family planning considerations, marking a significant shift for the Celtics.
“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,” the statement revealed.
The sale process is expected to unfold in two phases. The managing board plans to sell a majority interest by 2024 or early 2025. The remaining shares are anticipated to be sold by 2028, with Wyc Grousbeck expected to remain the Governor of the team until the final closing.
“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,” detailed the ownership group’s announcement.
An Expensive Future
Purchased for $360 million in 2002, the Celtics are now valued by Forbes at an impressive $4.8 billion as of October 2023. This staggering increase underscores the franchise's robust economic health and market appeal.
On the roster side, the Celtics have made significant financial commitments to their key players. Jayson Tatum secured a five-year, $314 million extension, and Jaylen Brown inked a five-year, $303 million deal. Additionally, Derrick White earned a four-year, $125 million extension, while both Jrue Holiday and Kristaps Porzingis command salaries exceeding $30 million annually.
These financial outlays indicate the Celtics' intent to remain competitive, but they also come with a hefty price tag. By the 2025-26 season, the team’s payroll is projected to surpass $200 million, translating into an expected luxury tax bill of $250 million. The total financial commitment for that season is projected to exceed $450 million.
As these ownership changes and financial commitments unfold, the future of both the Golden State Warriors and the Boston Celtics will undoubtedly be closely watched by fans and analysts alike. While Lacob's Warriors continue to build on a legacy of success, the Celtics are on the cusp of a new era, with a sale that promises to reshape the franchise's future.