In 2010, Joe Lacob made a transformative investment, purchasing the Golden State Warriors for $450 million. Over a decade later, under his visionary leadership, the Warriors have not only clinched four NBA championships but also dramatically increased the franchise's value and prestige.
"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," Lacob asserted, reflecting on his unwavering commitment to the Warriors. "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."
Indeed, Lacob's tenure has been marked by significant milestones. Among them was the construction of the state-of-the-art Chase Center, which has become a premier venue for both sports and entertainment, further cementing the Warriors' status as a powerhouse both on and off the court.
On the other side of the country, the Boston Celtics, one of the NBA's most storied franchises, are poised for a significant ownership change. Boston Basketball Partners L.L.C., the ownership group of the Celtics, has announced its decision to sell all shares of the team. This move is driven by estate and family planning considerations, a somewhat rare but prudent step in the landscape of professional sports ownership.
"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," a statement from Boston Basketball Partners read. "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."
Boston Basketball Partners L.L.C.'s acquisition of the Celtics in 2002 for $360 million set the scene for nearly two decades of strategic growth and competitive success. Fast forward to October 2023, Forbes valued the Celtics at a staggering $4.8 billion, a testament to the franchise's monumental rise in value.
The Celtics have not only flourished financially but have also made significant investment in talent. This summer, Jayson Tatum secured a five-year, $314 million extension, and this follows a five-year, $303 million deal for Jaylen Brown inked the previous summer. Derrick White also earned a lucrative four-year, $125 million extension, further solidifying the team's core.
Additional star power was brought in with marquee names like Jrue Holiday and Kristaps Porzingis, both commanding salaries exceeding $30 million annually. These financial commitments, while hefty, reflect the team's ambitious drive to remain competitive at the highest level. However, this also means that the Celtics' payroll is projected to surpass $200 million by the 2025-26 season, with an anticipated luxury tax bill of $250 million. The total financial commitment for the Celtics for the 2025-26 season is projected to exceed $450 million.
Wyc Grousbeck, a prominent figure in the Celtics' management, is expected to maintain his role as Governor until the completion of the final sale in 2028. His steady leadership will likely provide continuity as the team transitions into a new era of ownership.
As the Warriors continue to build on their legacy and the Celtics prepare for a significant transition, both franchises exemplify the dynamic and evolving landscape of NBA ownership. For fans and stakeholders alike, these developments promise an exciting future filled with both challenges and opportunities.