In 2010, Joe Lacob made headlines when he purchased the Golden State Warriors for $450 million, a figure that seemed considerable at the time but has since proven to be one of the most lucrative investments in sports history. Under his stewardship, the Warriors have flourished, capturing four NBA championships and bolstering the franchise's value to unprecedented heights.
The success of the Warriors under Lacob's ownership extends beyond the basketball court. The construction of the Chase Center, a state-of-the-art arena, stands as a testament to his vision and commitment to the organization's long-term prosperity. The venue has become a hub not only for basketball but also for entertainment in the Bay Area, solidifying the Warriors' brand both locally and nationally.
Despite his undying allegiance to Golden State, the ever-ambitious Lacob was recently asked about a potential interest in acquiring another storied franchise— the Boston Celtics. He unequivocally dismissed the notion: "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."
Meanwhile, significant changes loom for the Boston Celtics. Boston Basketball Partners L.L.C., the ownership group that acquired the Celtics in 2002 for $360 million, has announced its intention to sell all shares of the team. The controlling family's decision comes after considerable deliberation and is motivated by estate and family planning considerations.
"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 announcement.
The process of transitioning ownership is expected to unfold in stages. The managing board anticipates selling a majority interest by 2024 or early 2025, with the remainder of the shares anticipated to be sold by 2028. Notably, Wyc Grousbeck is expected to continue as the Governor of the team until the final closing in 2028. "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 announcement continued.
The Celtics, currently valued at $4.8 billion according to Forbes' October 2023 valuation, are also making significant financial commitments to their roster. This past summer, Jayson Tatum signed a lucrative five-year, $314 million extension, while his teammate Jaylen Brown secured a five-year, $303 million deal the summer prior. Derrick White has also been rewarded with a four-year, $125 million extension. Additionally, key players Jrue Holiday and Kristaps Porzingis command salaries exceeding $30 million annually each.
With these substantial contracts, the Celtics' payroll is projected to exceed $200 million by the 2025-26 season. Moreover, the anticipated luxury tax bill for that same season is estimated at $250 million, bringing the total financial commitment to over $450 million. These figures illustrate the Celtics' readiness to invest heavily in their roster to sustain competitive performance and ideally return to championship glory.
As both the Warriors and Celtics chart their courses for the future, the upcoming changes in ownership and the ongoing financial investments highlight the evolving landscape of NBA franchise management. Both organizations exemplify strategic foresight, whether in retaining star talent or navigating intricate ownership transitions.