Ownership group of NBA champion Boston Celtics is putting team up for sale

The ownership group led by Wyc Grousbeck that controls the reigning NBA champion Boston Celtics says it intends to sell all its shares of team.

In a statement released Monday, Boston Basketball Partners LLC said it plans to sell its majority interest in the team in 2024 or early 2025. The balance of its shares would then close in 2028.

Some other team owners intend to hold onto their stakes, according to a person with knowledge of the sale.

“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 said. The announcement came only days after the team celebrated its championship victory with a duck boat parade through throngs of fans in Boston, and after Grousbeck vowed to bring another Celtics win next year.

Grousbeck, a former venture capitalist, is expected to remain the team’s NBA governor until the sale is complete.

The group led by Grousbeck bought the Celtics for $360 million in 2002. Last year, Forbes valued the team at $4.7 billion.

In an email to Celtics staff obtained by The Associated Press, Grousbeck wrote they are “committed to finding a worthy incoming ownership group who will guide the Celtics to more decades of success.” He added, "There will be a thoughtful and thorough process to find a buyer that recognizes the importance of Celtic Pride on the court and in the community.”

The Celtics defeated the Dallas Mavericks in the NBA Finals last month to capture the franchise's 18th championship.

With reporting by the Associated Press.

This story is developing and will be updated.