The owners of the Boston Celtics plan to sell the team, the group announced Monday, citing "estate and family planning considerations."
The news from Boston Basketball Partners, LLC comes within weeks of the Celtics' championship parade through Boston to celebrate the franchise's record-setting 18th title.
The sale is expected to begin later this year or early next year, with owner Wyc Grousbeck ending his term as governor when the sale closes in 2028.
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The Celtics were valued at $4.7 billion — the fourth highest in the NBA — in the latest Forbes ranking.
Reaction from Celtics fans was quick to pour in Monday.
"We got one parade," said Celtics fan Tim O'Brien. "We want another parade, so hopefully, new ownership keeps pumping those dollars in."
"If you're going to sell a team, best time's after they win a championship," said Professor Patty Raube Keller, who runs the master's program in sports administration at Boston College. "Celtics are one of the most storied NBA franchises in the history of the U.S."
"I think they're probably the most attractive team in the league," said Professor Robert Prior, who leads the master's program in sports leadership at Northeastern University. "Two superstars, Jaylen Brown and Jayson Tatum, in their mid-20s, they've got another 10 years in the league."
"Eighteen championships is the most in NBA history, and Boston is a very big sports marketing town, so it will be worthy of an investment," said Celtics fan Jacob Alman.
ESPN's Adrian Wojnarowski first reported the news, citing sources, that the majority ownership group was planning to make the Celtics available to be sold.
Adam Himmelsbach, of The Boston Globe, then reported that Wyc Grousbeck specifically was looking to put his stake in the team up for sale, citing a league source. He added that "this potential sale is not expected to include the entire investment group that purchased the team in 2002."
The Grousbeck-led ownership group has won two titles since buying the Celtics in 2002. There are four managers of Boston Basketball Partners, LLC: Grousbeck; his father, H. Irving Grousbeck; Steve Pagliuca; and Robert Epstein.
Pagliuca said in a statement Monday that he would "be a proud participant in the bidding process."
Winning the 18th title became a mantra for the team, a dream it finally achieved by beating the Dallas Mavericks in five games on June 17.
