Wyc Grousbeck reiterates hope to remain Celtics governor until 2028

Wyc Grousbeck revealed that the bidding process to find a buyer for the Boston Celtics will begin next month. Grousbeck also reiterated that he plans to find a buyer who will let him remain as governor until 2028.

“The sales process is getting underway and is about to reach full speed,” Grousbeck told the Boston Globe. “It took so long for our advisors to review the financial and business data of the team and our entire management team and spend sufficient time putting together the book offering. Now they are starting to have discussions with interested parties and the bidding process will begin in starting in the next month or so.”

Grousbeck was asked if he waited to announce his intention to sell the Celtics until days after they won the championship, as he may no longer be in that position to enjoy it.

“I intend to take this position again, this very position as governor for a while,” Grousbeck replied. “But it was very easy for me to focus on the moment and just take it in.”

Grousbeck plans to sell a 51 percent stake in the Celtics initially and then complete the remainder of the deal in 2028.

“The family and I have agreed that we will ask the eventual buyer for this transition period, and that feels right to me, and we hope we can make this happen in the future.”

The Celtics face a projected payroll and luxury tax bill of approximately $500 million from 25-26.

“We have never had a capital contribution in the history of the Celtics,” Grousbeck said. “The owners only put the money into it 22 years ago. It has been self-sustaining ever since, and it will remain self-sustaining in the future, with no additional capital required. The Celtics are a going concern, which i.e. in excellent financial shape.

“The way we run the Celtics business, and the way the fans, media partners and sponsors have supported us, has allowed us to move forward with confidence into the future without hitting any stones in the water.”

However, Grousbeck said last June that the Celtics were currently losing money.

“We have made money in the past that has built up in the bank account, and we are doing well.”