Joe Lacob's vision for the Golden State Warriors has paid extraordinary dividends since he purchased the franchise in 2010 for $450 million. Under his ownership, the Warriors have risen to remarkable heights, clinching four NBA championships and experiencing a significant increase in franchise value. The construction of the Chase Center stands as a testament to Lacob's commitment to the team and its future.
Reflecting on his journey, Lacob recently stated, "No chance, sorry. That ship sailed a long time ago — a long, long time ago. I'm a Warrior, this is my identity, it's our identity. I love what we've done. I love our fans, our arena (and) the last decade, and I just wanna do more. I just wanna create an even longer and even greater legacy for this organization."
While the Warriors bask in their success, another powerhouse NBA franchise is poised for a significant transition. Boston Basketball Partners L.L.C., the ownership group of the Boston Celtics, has announced its intention to sell all shares of the team. The decision, driven by estate and family planning considerations, marks the end of an era for a franchise purchased by the group in 2002 for $360 million.
In an official statement, Boston Basketball Partners L.L.C. explained, "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."
Financially, the Celtics have seen a tremendous increase in their valuation. As of October 2023, Forbes valued the franchise at an impressive $4.8 billion. The ownership group plans to sell a majority interest in the team by 2024 or early 2025, with the remaining shares anticipated to be sold by 2028. Throughout this transition period, Wyc Grousbeck is expected to remain the Governor of the Celtics until the final closing.
The Celtics' financial commitments are notable, with player salaries reflecting the team's investment in securing top talent. Jayson Tatum secured a five-year, $314 million extension during the summer, while Jaylen Brown inked a five-year, $303 million deal the previous summer. Additionally, Derrick White earned a four-year, $125 million extension, and both Jrue Holiday and Kristaps Porzingis command annual salaries exceeding $30 million each.
As these contracts accumulate, the Celtics' payroll is projected to surpass $200 million by the 2025-26 season. The anticipated luxury tax bill for that season is forecasted at $250 million, bringing the total financial commitment for the Celtics in the 2025-26 season to over $450 million.
The managing board of Boston Basketball Partners L.L.C. provided clarity on the planned timeline for the sale, stating, "The managing board of the ownership group expects to sell a majority interest in 2024 or early 2025, with the balance closing in 2028, and expects Wyc Grousbeck to remain as the Governor of the team until the second closing in 2028."
This carefully orchestrated transition aims to ensure stability for the Celtics while providing the next ownership group with a pathway to sustain and build upon the team's legacy. As both the Warriors and Celtics navigate their respective futures, the NBA continues to witness the profound impact of strategic ownership decisions on the league's landscape.