{"id":656,"date":"2024-09-15T18:09:45","date_gmt":"2024-09-15T18:09:45","guid":{"rendered":"https:\/\/sportnews.drinkfood.info\/?p=656"},"modified":"2024-09-15T18:09:45","modified_gmt":"2024-09-15T18:09:45","slug":"breaking-family-dispute-over-payroll-sparks-decision-to-sell-the-celtics","status":"publish","type":"post","link":"https:\/\/sportnews.drinkfood.info\/?p=656","title":{"rendered":"BREAKING: Family Dispute Over Payroll Sparks Decision to Sell the Celtics."},"content":{"rendered":"<p>A family disagreement over the\u00a0<strong>Celtics<\/strong>\u2018 rising payroll was behind\u00a0<strong>Wyc Grousbeck\u2019s<\/strong>\u00a0decision to put the majority stake in the team\u00a0up for sale, sources tell\u00a0Josh Kosman and Brian Lewis of The New York Post.<\/p>\n<p>Ninety-year-old\u00a0<strong>Irving Grousbeck<\/strong>\u00a0controls about 20% of the franchise and is unwilling to absorb the projected financial losses that will be necessary to keep the team in title contention, according to Kosman. After winning the championship in June, Boston handed out several new contracts that will bring the total cost of the roster for the 2025\/26 season to about $500MM in salary and tax payments.<\/p>\n<p><em>\u201cThat\u2019s what happens when dad puts in most of the money,\u201d<\/em>\u00a0a source told Kosman.<\/p>\n<p>Kosman cites another source close to the sale process who says the team is projected to lose about $80MM this season. That amount will be much higher in the following season when repeater tax penalties become harsher.<\/p>\n<p>The Celtics handed out a record-setting contract to\u00a0<strong>Jaylen Brown<\/strong>\u00a0last summer, and then topped that with a five-year, $314MM supermax extension for\u00a0<strong>Jayson Tatum<\/strong>\u00a0in July.\u00a0<strong>Jrue Holiday<\/strong>\u00a0also received an extension and several players were re-signed, pushing the total team salary north of $225MM and setting up a projected $280MM luxury tax payment.<\/p>\n<p><em>\u201cWyc says we\u2019ll spend whatever it takes, but dad wasn\u2019t into losing money,\u201d<\/em>\u00a0another source told Kosman, who hears that the team barely broke even last season while winning its 18th NBA title.<\/p>\n<p>The Grousbeck family claimed it was unloading its share of the team for \u201cestate planning purposes\u201d when the surprise announcement was made in early July. Wyc Grousbeck confirmed that stance in a statement to Kosman.<\/p>\n<p><em>\u201cThe Grousbeck family is selling the team for estate and family planning considerations. To say the sale is in any way related to losses is completely incorrect,\u201d\u00a0<\/em>he stated.\u00a0<em>\u201cThere has not been a capital call from ownership, or any additional investment of any kind, in the 22 years since Boston Basketball Partners bought the team and we don\u2019t anticipate there being one.\u201d<\/em><\/p>\n<p>The NBA is hoping to have the Celtics valued at a record-setting $6 billion for the sale, but there are complications in reaching that figure. Sources tell Kosman that the team\u2019s projected losses and the fact that it doesn\u2019t own TD Garden to provide revenue from other events could make prospective buyers reluctant to bid that high.<\/p>\n<p>The Grousbecks are hoping to sell a 51% stake either later this year or early in 2025 and then continue to run the team until the full sale is completed in 2028.<\/p>\n<p>There has been little movement toward a sale in the two-and-a-half months since the Grousbecks announced that the team was available, according to\u00a0Adam Himmelsbach of The Boston Globe. Banks helping with the transaction are still reviewing the team\u2019s assets and liabilities to provide an accurate report for interested buyers, which Himmelsbach says is typical in this type of transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A family disagreement over the\u00a0Celtics\u2018 rising payroll was behind\u00a0Wyc Grousbeck\u2019s\u00a0decision to put the majority stake in the team\u00a0up for sale, sources tell\u00a0Josh Kosman and Brian Lewis of&#8230; <\/p>\n","protected":false},"author":7,"featured_media":657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nba"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BREAKING: Family Dispute Over Payroll Sparks Decision to Sell the Celtics. - 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