Wyc Grousbeck Never Wanted to Sell Celtics?

Tony Mazz, Michael Holley and Mark Dondero wonder if Wyc Grousbeck even wants to sell the Boston Celtics.
Thumbnail Image Courtesy of USA Today Sports (Elsa)

[@PHN-2024]

H.Irving Grousbeck will be 90-years old this Month (July). He’s Selling His Family's Ownership Stake for Estate Planning Purposes because He has Three other Heirs besides Wyc to be concerned about.

[@marksilva1588]

The assets are probably held in a Family Limited Partnership with a Code Section 754 Election in place. The heirs will receive a step up basis equal to the FMV of the FLP at the time or death. So from an income tax perspective there will be no gain upon death. There are significant Estate Tax valuation issues that are driving this sale. Under Duty of Consistency Tax principles, see Spencer Medical vs Comm, there has to be some symmetrical valuation consistency between the income tax valuation triggered by the code section 754 Election/ Code section 1014(a)(1) valuation afforded the heirs; such as Wick, and the Estate valuation. That said the Estate valuation can be reduced by discounts for lack of control and lack of marketability. It is within this realm that the real game is played. I would expect that the Estate valuation will be between 50 and 60 percent of the income tax valuation, based on existing case law.

[@heisenberg2966]

Wyc has NO REAL POWER! He owns 2% of The Celtics. He is just fortunate to have a Father that allowed him to “ Masquerade “, as The Boss.

[@noahcdmx1985]

More like his father let him act as boss, and he did a good job as the most part. There's no need to shit on him for being super lucky.

[@iloveyoubut9602]

Wyc instructed Danny to "get more" assets from the 2013 Brooklyn Nets heist. He knew that Russian owner was drinking and in a giving mood

[@jeffreyorcutt2876]

booohoo wyc is upset... who cares... all these rich people will stay rich... team will sell for 5 billion or more, his 2% is still 100 million

[@devinberry4472]

Wyc's father is 90 years old, im guessing his health is declining and he wants money to leave behind for his other kids than Wyc. The rest of the family probably doesnt want to rely on the team to be their money maker

[@davida1251]

Sounds like the Dad is going senile. Wyc should put his Dad in his place and hold on and keep going with the Celtics once his Dad passes on the fortune. What was the Dad thinking all these years. Did he give Wyc an ultimatum, win this year because its your/our last!

[@dales769]

Rookie comment.