Inside the Celtics record-breaking $6.1 billion sale (and what it means for the NBA)
Today's newsletter examines the unique details of the Celtics sale, including a two part transaction, private equity financing, new limited partners, no arena rights, and more.
When the Boston Celtics went up for sale last year, many NBA owners and league executives were thrilled. It’s not that they didn’t like the Celtics ownership group; they did. These individuals just saw the writing on the wall. A record sale price would lead to higher exits for other owners and larger future expansion fees for the league.
But within a matter of weeks, a different scenario began to appear. Everyone knew the Celtics would sell for a record price, beating the $4 billion that Mat Ishbia paid for the Phoenix Suns. But what if the final number wasn’t as high as everyone had expected?
There is a lot to love about the Boston Celtics. Big city? Check. Rich history? They have it. Winning tradition? The Celtics have 18 NBA championships and counting.
However, from a business perspective, the Celtics have a few glaring issues.