Why is Wyc Grousbeck selling his majority stake?

#celtics #nba #basketball
Thumbnail photo courtesy of Bill Streicher USA Today Network

[@SixDrums]

Wyc is going to go down as a legend for this, he’s literally handing the fans a championship team for the next 5 years while he has the power to sanction the moves, then retiring to watch his empire dominate. It will be sad to see him go, but I also think he’s going to really care deeply about what kind of person he sells to. The future is bright in Boston

[@Daniel_Capital]

Let’s thank the Lord Kraft doesn’t have the money to buy the Celtics

[@a.p.entertainment8660]

But Henry does 😂😭

[@bryanfaubert3412]

I'd rather kraft then henry

[@martinalbert29]

The ownership group IS NOT selling their shares. It seems it is just Wyc cashing out. Everyone stays. Maybe a new investor will come in or the existing group will pay Wyc for his shares over the next 4 years,

[@2Good2BeTrue45]

Finally someone has been pointing that out. The entirety of the Boston Basketball Partners has 18 members, including Wyc and his father. Those 18 members are not dissolving the company, nor selling their shares. Only Wyc is.

[@stickman1742]

@@2Good2BeTrue45 These media guys are clowns. They don't even pay attention to facts. They just say what they want to say. Maybe 10% of what they say over the years is close to correct. They've become a comedy show at this point.

[@thep751]

Wyck didn't also. The Celtics were not in luxury taxes just about every year until now. Now he will be losing money due to luxury tax, he is selling the team, seems to me.

[@stickman1742]

The new NBA tv contract should probably bring another 80 million dollars to the Celtics every year that they didn't have before. Not so sure the luxury tax will make them lose money. I'm also seeing articles suggesting taxes far higher than all the more official sites say. The official calculate amount appears to be around 48 million for this year while I see people talking about close to 200 million. I think some people are exaggerating to get clicks. I'm pretty sure the new nba contract tv money to the Celtics will be higher than this every single year.

[@thep751]

Okay, this is my attempt at the numbers, probably miss something but here it goes. I googled and the Celtics made about 80-100 millions profit each of the last few years. Probably lose money this year. This is before the J's new contracts and also DWhite's. Of that profit Wyck probably makes 50-70 mils a year as a majority owner. JB and Tatum new contracts will cost $30 millions more each year and $15 for DWhite's. So that 75 mils. But they are over the luxury tax, so they have to pay dollar for dollar more. So that's $150 millions more a year. Then you have porzingis and holidays new contracts and all the increase in contracts on all the role players on top of that. Even with TV money, they could be easily lose money the next 3-4 years. It is estimated that the Celtics is worth about 5 billions if it is sold. Conservatively, Wyck could easily make 3 billions of that. If you invest that, you could get 2-300 millions a year easy peasey. So the choice is spending millions out of your pocket to keep the team or several hundreds millions a year with billions in the bank. Those are the choices.

[@stickman1742]

Why does nobody mention that new NBA tv contract that will pay the owners close to 3x more than before? Do these guys even know about it? Probably worth 80 million of new money every year to the Celtics. And then being champions now they should be able to make more money off that. The Warriors make the most revenue every 3, almost twice what the Celtics have been getting even though the Celts make the 4th highest revenue. Being a champion should mean you can make more off that as well. The new yearly money should be far greater than any luxury tax cost. Sounds like Felger is also wrong about them cashing out. Only Wyc is selling, the other owners plan on staying. By selling he will make a lot of money from his investment so now is a good time. Sounds like he will still be in control of the team until 2028, but I can see why he would want the money.

[@genereynolds3296]

Tough business if you want to be successful

[@mattclark6721]

More money less fans

[@mattclark6721]

More money less fans

[@seangoodwin3046]

What better time to put the team for sale than right after they win a title? When is their value going to be higher?

[@Trainfan310]

Goodbye championships I don’t think the new owners will want to be a championship team

[@chiefko]

Well we have a few years of contention before it becomes a serious concern.

[@Daniel_Capital]

It’s usually the opposite, new owners are overly aggressive to compete right away. Like the suns immediately getting kd and beal with the new owner, prokhorov buying the nets and immediately trading all his picks to get pierce/kg, etc.

[@beebop333]

You dont even know who they are yet???

[@stickman1742]

Lots of new tv contract money coming in, close to 3x more than before. Should be higher than what they will pay in luxury tax so should be more profitable. That's not even counting extra revenues generated by being a champion. Golden State has the highest revenue by close to 300 million more than everyone else because they are champs. Other owners are sticking around and Wyc plans on calling all shots until 2028. Seems to be more media hype than anything to get clicks. At some point the Celts will have to make decisions, but salary cap will go up 10% every single year so all the other teams spending will be getting closer and closer to the Celtics every year that goes by.