In a major shake-up in the world of professional basketball ownership, two storied franchises are witnessing significant shifts in their operational landscapes. Joe Lacob's ownership of the Golden State Warriors continues to thrive, while the Boston Celtics are set for a transformative change in ownership by 2028.
Joe Lacob acquired the Golden State Warriors in 2010 for a then-substantial $450 million. Immediately, Lacob's leadership began a transformative journey for the franchise. Under his stewardship, the Warriors have clinched four NBA championships, a remarkable feat that underscores the efficacy of his ownership.
Lacob's knack for making high-impact decisions doesn't stop with championship rings. One of the most notable achievements under his tenure is the construction of the Chase Center, a state-of-the-art arena that has become the new home for the Warriors. The arena isn't just a symbol of modern sports architecture; it's a testament to the franchise's burgeoning success and increasing valuation. While the exact current value is not listed, it's evident that the franchise has significantly appreciated from its 2010 purchase price.
When asked about potential interest in acquiring another franchise, particularly the Boston Celtics, Lacob was resolute. "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. 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," he said, dismissing any speculation about his interest in the Celtics.
On the other side of the country, the Boston Celtics are gearing up for an ownership overhaul. The Boston Basketball Partners L.L.C., who purchased the Celtics in 2002 for $360 million, have announced their intention to sell the franchise. The decision is rooted in estate and family planning considerations, causing the ownership group to opt for this significant change.
"Boston Basketball Partners L.L.C., the ownership group of the Boston Celtics, announced today its intention to sell all the shares of the team. 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," read the official statement from the group.
According to Forbes' recent valuation, the Boston Celtics are now worth a staggering $4.8 billion. This immense growth in valuation sets the stage for a substantial financial transaction. The managing board plans to complete a majority interest sale by 2024 or early 2025, with the remaining shares expected to be sold by 2028. Wyc Grousbeck is anticipated to remain as the Governor of the team until the final closing in 2028, ensuring continuity during this period of transition.
"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," the ownership group confirmed.
Meanwhile, the financial future of the Celtics looks both promising and challenging. Recent contract extensions highlight a significant commitment to maintaining a competitive roster. Star player Jayson Tatum secured a five-year, $314 million extension, followed by Jaylen Brown's five-year, $303 million deal. Derrick White also earned a noteworthy four-year, $125 million extension. Furthermore, recent acquisitions like Jrue Holiday and Kristaps Porzingis, each commanding salaries exceeding $30 million annually, add to the financial load.
These lucrative contracts project the Celtics' payroll to surpass $200 million by the 2025-26 season, with an anticipated luxury tax bill of $250 million. The total financial commitment for the 2025-26 season is forecasted to exceed $450 million. These financial projections underline the substantial investment required to sustain a title-contending team.
The contrasting fortunes of the Golden State Warriors and the Boston Celtics signify not just different trajectories in ownership but also in strategic planning and financial management. Under Joe Lacob, the Warriors have epitomized a transformative success story with a clear focus on legacy and long-term growth. Conversely, the Celtics' impending ownership change and significant financial commitments highlight a transition phase aimed at ensuring future stability and competitive prowess.
As both franchises navigate their respective paths, they offer compelling narratives that enrich the rich tapestry of NBA history. From lucrative contracts to forward-thinking leadership, the evolution of these teams will be closely watched by fans and analysts alike.