Latest news with #WycGrousbeck
USA Today
2 days ago
- Business
- USA Today
Wyc Grousbeck on how he ended up owning the Boston Celtics
Sometimes, it pays off to shoot your shot. Take, for example, the shot of former Boston Celtics majority owner Wyc Grousbeck, who recently revealed how he talked a former owner of the storied ball club into selling him the team. Speaking to former Boston floor general Jeff Teague on his "Club 520" podcast, Grousbeck took some time to tell the tale of how he convinced an absentee owner of the Celtics into selling him and a host of fellow investors the team. Explaining how he more or less grew up in the team's home arena, and while attending a game during the dark ages of the franchise in the post-Larry Bird, pre-New Big Three era, Grousbeck began to wonder what was going on with the team (and the arena in particular, which was only half full of fans). Wondering who the team's owner at the time was, Grousbeck asked around. "They said, 'Oh, he lives down in New York. Turns out to be a very nice guy.' I went to find him," he explained. "They said he hadn't been here in three and a half, four years. He hadn't come to the games." Wondering if he might be convinced to sell the team given its then-distressed state, Grousbeck tracked him down. "I go down, find him, shake his hand, and say, 'What do you want?' I said, 'I'd like to buy the Celtics.' And he goes, 'They're not for sale.' I said, 'Well, is there a crazy number?' And he named a crazy number—way too high, really," continued Grousbeck. "But I didn't have the money." "I said, 'I don't have the money, but I'll get it in four months—three and a half months,'" recalled the Celtics CEO. "So I didn't give him a chance. I took his price. I didn't negotiate. He named the number—it was a record—and I just said, 'Okay, I figure I can probably get it.' Then I said, 'I'll wire you this much next week to keep—just keep it as a deposit.'" "I named a number, which wasn't very much for the team, but it was a lot for me. And he goes, 'All right, what's he going to do?' He had to say yes—free money. So I shake his hand, go home, mortgage my house, send him the money. And then three months later, I had 25 partners. We had all the money." The rest, as they say, is history.
Yahoo
08-07-2025
- Business
- Yahoo
Celtics' CEO Admits to Regretting 2011 Trade
Celtics' CEO Admits to Regretting 2011 Trade originally appeared on Athlon Sports. Since becoming the owner of the Boston Celtics in 2002, Wyc Grousbeck has seen his team win two NBA championships in 2008 and 2024. Furthermore, during his tenure as the Celtics' owner, the team has been one of the most successful in the league. Advertisement Despite Boston having general success with Grousbeck as the team's owner, not all has gone great for the team. This includes making major changes to the team that either did not make sense at the time or did not age well. Recently, Grousbeck spoke about one specific trade the Celtics made that he regrets even over a decade later. Boston Celtics guard Jaylen Brown, head coach Joe Mazzulla, Governor Wyc Grousbeck, and forward Jayson DeChiara-Imagn In recent history, the Celtics have made numerous trades that worked in their favor, whether it was the infamous trade with the Brooklyn Nets that indirectly netted them Jayson Tatum and Jaylen Brown, or buying in on diamonds in the rough, such as Derrick White from the San Antonio Spurs. However, there was one specific trade that Grousbeck regrets making to this day. Advertisement Recently, the Worcester, MA, native revealed that he still regrets the 2011 trade that sent big man Kendrick Perkins to the Oklahoma City Thunder for Jeff Green (h/t the Club 520 Podcast). Though the team got younger, they moved on from one of their starters from the 2008 Championship team and were left with a major hole at center, which played a big role in their second-round exit to the Miami Heat that season. "Oh, I'm sure. Well, I do regret trading [Kendrick Perkins], to be honest. That was one we all thought about, and there were discussions around the table. And I've got to sign off on the trades as the governor, lead owner. And I feel like I got kind of talked into it—but I did sign off, Grousbeck said. "And Jeff Green came back, and then he had a health problem. And—nothing against Jeff Green—he just won a anyway, our team didn't feel the same after Perk was gone.' Though he was never an All-Star type of player, Perkins was still a useful center in Boston and was a great fit alongside Kevin Garnett in the frontcourt due to his size and physicality. It took years for the Celtics to land another top-tier big man after trading Perkins, and it may have set them back in a major way. Ultimately, while Green became a solid player in Boston, he never lived up to the hype of potentially being their next franchise player, and it is fair to wonder how differently things would have gone if the Celtics had never made this trade. Advertisement Related: NBA Legend Paul Pierce Reacts to Major Celtics Changes Related: Kristaps Porzingis Sends Message After Former Teammate Leaves Celtics This story was originally reported by Athlon Sports on Jul 3, 2025, where it first appeared.
Yahoo
04-07-2025
- Business
- Yahoo
Celtics Owner Reminds Knicks Fans Who's Boss With Simple Comment
Celtics Owner Reminds Knicks Fans Who's Boss With Simple Comment originally appeared on Athlon Sports. For the New York Knicks, chasing the elusive championship has been a decades-long rollercoaster – one that's tested even the most loyal fans' patience. Year after year, they've come close enough to keep hope alive but never enough to silence the critics. Advertisement And while Knicks fans are used to the usual jabs from rival fanbases, this time the dig hit a little differently. Instead of some trash talk on social media, it was actually a team owner who decided to twist the knife and, it's not something Knicks fans will be thrilled to hear. The man in question here is Wyc Grousbeck, owner of the Boston Celtics. In a video posted on X, Grousbeck appeared to walk onto a stage for a panel discussion. While on his way to the seat, Grousbeck said, "Nice playoff win, Knicks fans, but here's what a ring looks like." It's not exactly clear what sparked Grousbeck's comment maybe he was clapping back at some fans heckling him, or maybe it just slipped out during a heated debate. Advertisement Either way, it's not every day you see an NBA team owner taking shots at another fanbase like that. New York Knicks forward OG Anunoby (8) drives to the basket between Detroit Pistons forward Ausar Thompson (9) and forward Tim Hardaway Jr. (8) during the second quarter of game four of first round for the 2025 NBA Playoffs at Little Caesars Reginek-Imagn Images The biggest deal in North American sports history went down when the Boston Celtics were sold for a massive $6.1 billion. Bill Chisholm, managing partner at Symphony Technology Group and a lifelong Celtics fan, agreed to buy the team from Wyc Grousbeck's group, topping the $6.05 billion sale of the Washington Commanders back in 2023. Grousbeck's group had originally bought the Celtics for just $360 million in 2002 and he will remain the Celtics owner through the 2027-28 season. Related: Celtics Head Coach Credits Movie for NBA Finals Victory This story was originally reported by Athlon Sports on Jul 3, 2025, where it first appeared.
Yahoo
24-05-2025
- Business
- Yahoo
How do second-apron penalties limit Celtics? Here's one tangible example
How do second-apron penalties limit Celtics? Here's one tangible example originally appeared on NBC Sports Boston Back in March, when current Boston Celtics lead owner Wyc Grousbeck was asked about the dreaded 'second apron' in the NBA's new collective bargaining agreement, he noted that its biggest impact related to roster building, not money. Advertisement 'It's not the luxury tax bill, it's the basketball penalties,' Grousbeck told WEEI at the time. '… The basketball penalties mean that it's even more of a premium now to have your basketball general manager be brilliant and lucky. ' … I predict, for the next 40 years of the CBA, no one is going to stay in the second apron more than two years.' So, what exactly are these penalties that led Grousbeck to make such a bold prediction? Here's a list of the restrictions on teams that exceed the second apron of the luxury tax: Teams cannot sign a waived player who had a salary of at least $14.1 million Teams cannot use a trade exception generated by aggregating the salaries of multiple players Teams cannot include cash in a trade Teams cannot use a trade exception generated in a prior year First-round picks seven years out are frozen (unable to be traded) A team's first-round pick is moved to the end of the first round if they remain in the second apron for three out of five seasons If your eyes glazed over there, we don't blame you. That's a lot to digest. But the latest Celtics-related report provides a tangible example of how the second apron limits teams like Boston, which is currently $20 million over that threshold entering the offseason. Advertisement Longtime NBA journalist Marc Stein reported earlier this week that Boston may explore trading Jrue Holiday this offseason in its quest to trim salary and get under the second apron. On Wednesday, Stein's colleague Jake Fischer noted that 'multiple rival executives' believe the Celtics would need to include 'some form of incentive (such as draft compensation)' in such a deal to convince a team to take on the $104 million remaining on Holiday's contract. For starters, second-apron restrictions prevent the Celtics from including cash in a hypothetical Holiday trade, which means they'd need to go the draft pick route. But the second apron also prevents Boston from trading its 2032 first-round pick, which would create a ripple effect that would leave Brad Stevens and Co. with very limited draft resources to trade, as CLNS Media's Bobby Manning lays out here: Even if the Celtics can complete a trade of Holiday using one of the picks above, their lack of future selections complicates their ability to make other deals that may require draft picks as sweeteners, such as potentially moving big man Kristaps Porzingis and his expiring contract. Advertisement The draft pick restriction of the second apron is a big reason why the Los Angeles Clippers and Denver Nuggets were forced to let Paul George and Kentavious Caldwell-Pope, respectively, walk in free agency for no return, and it's possible the Celtics could meet the same fate with Porzingis if they can't find a trade partner with their current assets. The Holiday example underscores the importance of Boston at the very least shedding $20 million in salary this summer to ensure the team isn't subject to the same second-apron penalties next offseason. That may require some hard decisions, but with Jayson Tatum already expected to miss most or all of the 2025-26 season as he recovers from Achilles surgery, the short-term pain may be worth the long-term gain.
USA Today
23-05-2025
- Business
- USA Today
Will the new owner of the Boston Celtics make big changes to the team this NBA offseason?
Will the new owner of the Boston Celtics make big changes to the team this NBA offseason? Will the new owner of the Boston Celtics make big changes to the team this coming NBA offseason? The Celtics are currently staring down the most expensive tax bill and payroll in the history of the league, just as new majority owner Bill Chisholm will take control of the storied ball club. The former Celtics majority owner and future team CEO Wyc Grousbeck recently sat down with the media to talk about how he does not believe that ANY ball club will remain in the new collective bargaining agreement (CBA)'s punitive second apron in terms of spending for more than two seasons, implicitly including the Celtics in that assessment. If that notion holds true, cuts are on the way -- but the proverbial elephant in the room is how big (and which players) might be on the move. The folks behind the "WEEI Boston Sports Original" YouTube channel put together a clip for their "Jones and Keefe" show recently to talk over the potential incoming changes. Take a look at the clip embedded below to hear what they had to say for yourself.
