In 2010, Joe Lacob took a significant leap by acquiring the Golden State Warriors for a substantial $450 million. This acquisition set the stage for a transformative period in the franchise's history, marked by four NBA championships under Lacob's stewardship. Beyond the triumphant seasons, Lacob's era also saw the construction of the state-of-the-art Chase Center, cementing his legacy within the organization.
Lacob's dedication to the Warriors is evident in his comments reflecting on the journey. "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," Lacob affirmed.
While Lacob's tenure with the Warriors continues to thrive, a significant shift is on the horizon for another historic NBA team. Boston Basketball Partners L.L.C., the current ownership group of the Boston Celtics, has announced plans to sell all shares of the team. Purchased for $360 million in 2002, the Celtics' value has soared, with Forbes' October 2023 valuation placing the franchise at an impressive $4.8 billion.
The decision to sell stems from estate and family planning considerations, as articulated in a statement from the ownership group. "Boston Basketball Partners L.L.C., the ownership group of the Boston Celtics, announced today its intention to sell all the shares of the team. 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."
Boston Basketball Partners L.L.C. aims to complete the sale of a majority interest by 2024 or early 2025, with the remaining shares expected to be sold by 2028. Notably, Wyc Grousbeck is anticipated to remain the Governor of the Boston Celtics until the final closing in 2028. "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," the statement further detailed.
The Celtics' financial landscape is teeming with high-value commitments. Star player Jayson Tatum secured a notable five-year, $314 million extension over the summer, followed by Jaylen Brown's five-year, $303 million deal the previous summer. These hefty commitments reflect the franchise's dedication to maintaining a competitive roster. Additionally, Derrick White earned a four-year, $125 million extension, while Jrue Holiday and Kristaps Porzingis command salaries exceeding $30 million annually each.
As a result, the Celtics' payroll is projected to surpass $200 million by the 2025-26 season. Coupled with an expected luxury tax bill of $250 million, the total financial outlay for the team in the 2025-26 season is anticipated to exceed $450 million. This significant financial commitment underscores the franchise's drive to remain a formidable presence in the league, even as it transitions ownership.
The forthcoming sale and the ongoing financial decisions highlight an important period of transformation for the Celtics. Balancing on-court success with financial prudence will be crucial in navigating the upcoming changes. Similarly, Lacob's continued commitment to the Warriors promises further advancements for the franchise that he so passionately steers.
In both cases, the foundations laid by their respective ownerships have set the stage for continued success and evolution, ensuring that both the Celtics and the Warriors remain integral parts of the NBA's vibrant tapestry. As these narratives unfold, fans and stakeholders alike will be watching closely, anticipating the next chapters in the storied histories of these iconic franchises.