New Details Of Celtics Sale Reveals Suitor Aims For Hometown ‘Discount’
The sale of the Boston Celtics is expected to come with a gargantuan $6 billion price tag.
But one suitor, who has deep connections to the organization, reportedly is looking to buy the historic franchise at a lesser price.
The New York Post’s Josh Kosman reported Tuesday that Celtics minority owner Steve Pagliuca is “angling” to take ownership at a “discount” price. Pagliuca reportedly is trying to get the team’s other minority shareholders, who own roughly 30% of the Celtics, to back him. Pagliuca currently owns a 20% stake in the Celtics, according to the Post.
Pagliuca getting the other minority owners on board with him would certainly benefit his bid to take control of the team.
“If he can get firm commitments from the other investors, it would give him leverage over any deep-pocketed buyers who may jump in as the bidding process tips off, the sources said,” Kosman wrote.
There’s the chance Pagliuca gets outbid in the process to buy the team, especially if someone like Amazon founder Jeff Bezos gets involved. But the Post reported that potential suitors like Bezos or Citadel CEO Ken Griffin have not come to the table yet to buy the Celtics.
That could help Pagliuca possibly purchase the Celtics below that $6 billion mark. A source speculated to the Post that if Pagliuca becomes the frontrunner “he likely can drive down the $6 billion asking price to as low as $5 billion.” That price would still be an NBA record, ahead of the $4 billion Matt Ishbia paid to acquire the Phoenix Suns in 2022.
Pagliuca announced his attention to be part of the bidding process almost immediately after it was revealed in July that Irving and Wyc Grousbeck were putting their controlling shares up for sale.
Pagliuca, who also co-owns Atalanta of the Italian Serie A soccer league, was a part of the Grousbeck ownership group which purchased the Celtics for $360 million in 2002.