Latest news with #NBASale
New York Times
12-08-2025
- Business
- New York Times
Wyc Grousbeck will not be Celtics governor after team's sale is completed: Source
Wyc Grousbeck will not be the Boston Celtics governor when the sale of the franchise to Bill Chisholm is complete, according to a source briefed on the matter. He will instead be the alternate governor and will remain CEO through 2028. Grousbeck had been expected to remain as governor after the transaction was completed and serve for three years. That plan was scuttled recently as the Chisholm group awaits approval of the deal from the NBA's board of governors. The league doesn't allow a person to act as governor if they don't own at least 15 percent of the team. Chisholm and his investor group will take at least a 51 percent stake in the team when the sale is finalized. Grousbeck has been the lead governor since 2002, when a group led by Irv Grousbeck, his father, bought control of the team. Advertisement According to multiple industry sources, while the sale process was ongoing and afterward, it was not a condition of the sale for Grousbeck to remain in control, but Chisholm granted him that opportunity for several years as he acquainted himself with the league. The Celtics have won two NBA titles over the last 23 years and have been one of the best-run teams in the league. Chisholm bought the franchise in a tiered transaction and valuation. The first transaction, which will give the Chisholm group a majority stake in the franchise, values the team at $6.1 billion. The second part of the sale, which will occur in 2028 to buy out remaining incumbent minority shareholders, will value the franchise at about $7.4 billion. Spot the pattern. Connect the terms Find the hidden link between sports terms Play today's puzzle
Yahoo
12-08-2025
- Business
- Yahoo
Wyc Grousbeck stepping down as Celtics governor
Wyc Grousbeck is out as the controlling governor of the Boston Celtics according to ESPN's Shams Charania and Ramona Shelburne. When he first put the team for sale on July 1st, 2024, Grousbeck said he hoped to control the team through the 2027-28 season even after the sale was completed. In the press release of the sale in March, the team announced that Grousbeck would have control through the 2027-28 season. Chisholm agreed to pay $6.1 billion for the team when the sale was agreed to in March. He will now take over full control of the Celtics when the transfer is approved by the NBA's Board of Governors within the next couple of weeks. My two cent:, this isn't a huge surprise. Chisholm was always going to be the final decision maker regardless of who was tabbed as the governor of the team because he is going to be writing the checks. I am sure Grousbeck saw that writing on the wall and decided to just hand the title of governor over as well. CelticsBlog alum Keith Smith, put it best: Thus, this puts to bed the Grousbeck era where the Celtics won two titles, made the Finals four times and only missed the playoffs twice since 2007. It ushers in a new era with new ownership that Celtics fans can only hope will be as successful as the last one.
Yahoo
12-08-2025
- Business
- Yahoo
Wyc Grousbeck will reportedly step down as Celtics' lead governor, handing reins to Bill Chisholm after team sale
Current Boston Celtics owner Wyc Grousbeck will no longer serve as lead governor following the team's pending $6.1 billion sale, ESPN's Shams Charania reported Tuesday. Pending owner Bill Chisholm, a managing partner at Symphony Technology Group, will instead assume the title of lead governor. It's unclear whether the move is a change from the previously reported plan. When reports of the team's sale to Chisholm emerged in May, it was announced Grousbeck would remain the team's governor for three more seasons before handing things over the Chisholm. "[Chisholm] has asked me to run the team as CEO and Governor for the first three years, and stay on as his partner, and I am glad to do so," Grousbeck's statement read at the time. There's enough ambiguity there to suggest this may have always been the plan. Grousbeck's original statement doesn't mention "lead governor," but does mention he would stay on as a partner for a few years. It sounds like that will still be the case. Grousbeck is giving up his "lead governor" title, but will remain the team's alternate governor and CEO through 2028. When the sale was announced in May, Grousbeck had nothing but good things to say about Chisholm, calling him a "terrific person and a true Celtics fan." Grousbeck, with the help of an investment firm, purchased the Celtics for $360 million in 2002. He served as the team's CEO and lead governor most recently. To the surprise of many, Grousbeck announced in 2024 that he was looking to sell his majority stake in the team. The announcement came just weeks after the Celtics defeated the Dallas Mavericks to win the NBA championship. It didn't take too long for a deal to come together. Just months later, Grousbeck announced the franchise's sale to Chisholm. The sale was announced for $6.1 billion, a North American record at the time.
Yahoo
11-07-2025
- Business
- Yahoo
How long Jeanie Buss must remain governor after $10 billion sale
The post How long Jeanie Buss must remain governor after $10 billion sale appeared first on ClutchPoints. The Los Angeles Lakers are on the cusp of a $10 billion sale. However, current governor Jeanie Buss will continue to oversee day-to-day operations. Advertisement According to Sam Amick of The Athletic, Buss is likely to remain the team's governor for five more seasons, even as the organization is sold to Dodgers owner Mark Walter. 'Let's start with the Lakers, who were sold for a whopping $10 billion valuation to Dodgers owner/Lakers minority owner Mark Walter recently but will still be run by longtime owner Jeanie Buss for quite some time to come,' Amick wrote. 'Per a team source, Buss' agreement with Walter and the NBA stipulates that she'll remain the team's governor for at least the next five seasons.' Buss, the daughter of the late Dr. Jerry Buss, has been the governor since 2013. The Buss family have governed the Lakers since 1979. Under the Buss family, the Lakers have won 11 NBA championships (1980, 1982, 1985, 1987, 1988, 2000, 2001, 2002, 2009, 2010, 2020). Advertisement After the sale goes through, the Lakers are looking to do a few things. First, they will look to develop Luka Doncic into a bona fide superstar fitting for the franchise. Additionally, they still have LeBron James, who signed a $52.6 million contract to play another season. In terms of finances, Walter is looking to spend extravagantly, much like he did with the Dodgers. Therefore, harnessing their approach to trading and free agency. Furthermore, they could look to invest in the front office and player development. Either way, it won't be the same. The Buss family and the Lakers In many ways, the Lakers wouldn't be the Lakers if not for the Buss family. Having the Lakers without someone with that last name running things would be unfamiliar. Advertisement In some ways, it would be equivalent to the Yankees not having a Steinbrenner at the helm. While Jeanie Buss will be involved, this is very much the end of an era. Related: Lakers' LeBron James gets bold football claim from Davante Adams Related: Why Luka Doncic-Lakers contract talks could drag out even longer
