OBF: Can’t blame Wyc Grousbeck for selling Green for lots of green

BOONE, N.C. – There’s never a good day to make a 600-mile drive to escape the apocalyptic stifling heat and soaking humidity of Florida recently invented by Ron DeSantis for the North Carolina mountains.

But Monday may have been the best. It began before the Supreme Court delivered its decision on presidential immunity, before the Karen Read jury tapped out, before the Bruins blew it up, before the Celtics locked up Derrick White for four years, and before Jayson Tatum nabbed the richest contract in NBA history.

The biggest example of climate change occurred when Wyc Grousbeck, or more specifically, Boston Basketball Partners LLC, put the world champion Boston Celtics on the block. Riveting radio all.

Wyc said he was selling the team for estate planning purposes.

“We will be paid in parades,” Wyc told the Globe’s Shirley Leung in June.

Would Wyc take three more parades in lieu of the $6-7 billion the Celtics could bring in the
open market?

Doubt it.

Leung wrote the following: “But what was true 21 years ago, when Grousbeck engineered a surprise purchase of the Celtics, remains true today: It has never been about the money.”

Shirley, you must be joking.

There are 27 truisms in life. No. 8 is the following: “It’s always about the money.”

That is not a bad thing. Nor would we ever criticize Wyc, his dad, or their family for wanting to sell high. Their tenure as ownership has been stellar.

We beat the “Wyc is the best owner in town” media rush in on May 29 under the headline “Wyc Grousbeck leaves other Boston owners Green with envy.”

That prophetic prose came before the NBA Finals began. We write once a week to give the chance for everyone else to catch up.

As we noted, “Grousbeck got his money the old-fashioned way – from his dad. But he has been willing and eager to pour it into his basketball team.”

We were half right. Wyc poured his money into the Celtics, but only on the front end. Much of $314 million committed to Tatum on Monday, the $285 million ticketed to Jaylen Brown last summer, and the $125.9 million promised in writing to White this week will be paid by the team’s next owner(s).

With Wyc watching from courtside counting his gold like Scrooge McDuck.

For Celtics fans, the sale means nothing until 2028 when Wyc formally steps aside as governor.

The Celtics are loaded for a run at Banner 19. The rest of the NBA is sucking wind in trying to keep pace. The Sixers added Paul George. The emasculated Mavericks added Klay Thompson to bolster their ability to extend the Finals to at least six games.

The next owner of the Celtics? That is the $6-7 billion question. The Celtics don’t own their own arena, but they are the Celtics. So look for an NBA record price to be paid to claim majority ownership.

The leading candidate appears to be any group including Wyc’s partner, Steve Pagliuca. Once the sale of the Celtics became public, all eyes will be turned to Mecca. The Saudi Public
Investment Fund is worth $925 billion.

The combined value of every MLB, NHL, NFL and NBA franchise is about $337.19 billion. Give or take a few bucks to the Massachusetts millionaire’s tax.

If allowed, the PIF could buy all four leagues, and still have enough money left over to pay for four club seats and parking at TD Garden for a Bruins game. Will Banner 19 be written in both English and Arabic?

The short answer is “no.”

In 2022, the NBA allowed foreign investment funds to buy into up to 20% of any team. All ownership transactions must get approval by 75% of the league ownership. Imagine arguing against Saudi ownership while enjoying a massive revenue stream from Communist China?
NBA Commissioner Adam Silver has dampened the possibility of the NBA allowing a foreign sovereign wealth fund to hold controlling ownership in a team.

For now.

Fenway Sports Group has long salivated over NBA ownership. But any deal involving LeBron James with James still playing may not muster with other owners, never mind the NBAPA. No pro sports players’ union will ever approve a contract for a player/owner.

That held true with Tom Brady. And will hold true with James.

Robert Kraft? He’s got the money/financing for sure. Buying the Celtics would win hearts and minds in the post-Brady-Belichick era. But if Kraft were to pull back on Wyc’s spending levels, including being not willing to pay millions in luxury, that could further tarnish his legacy.

The Jacobs family? Why buy a team that’s paying you rent?

Wyc’s net worth is estimated to be about $1 billion. But $1 billion ain’t what it used to be. Wyc has other commitments, including the eight or nine figures he sank along with pal John W. Henry to join the Strategic Sports Group. It continues its quixotic quest for control of pro golf, or to make a deal with the Saudis.

That move is morphing into Henry’s worst investment since Pablo Sandoval.

The NBA ownership/governor model won’t be a first. Mark Cuban sold his interest in the
Mavericks to Las Vegas Sands casino magnate Miriam Adelson. She also got her money the old-fashioned way, when her husband died. Adelson paid $3.5 billion for 73% of the current NBA silver medalists.

That gains Adelson a foothold into what could soon be the most-lucrative gambling market in the United States. Texas is expected to legalize both gambling and sports betting in 2025. Pro sports teams will have a stake.

The Celtics delivered a storybook season, a magnificent title run, and a parade for the ages this year. Success always starts at the top.

Wyc deserves a major piece of the credit.

And soon, he’ll get a ton of the cash.

Bill Speros (@BillSperos and @RealOBF on X) can be reached at bsperos1@gmail.com

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