Wyc Grousbeck addresses looming Celtics sale, bidding process

The Celtics are just weeks away from beginning their title defense but change is on the horizon for the entire organization. Wyc Grousbeck and his family announced this summer that the team is for sale and that process is heating up according to the team governor.

In an interview with the Boston Globe, Grousbeck acknowledged that the bidding process is set to begin after months of preparations by bankers.

“It took this long for our advisors to go through the financial and business data of the team and our whole management team, and spend enough time to put together offering books,” Grousbeck told Adam Himmelsbach. “Now they’re beginning to have discussions with interested parties and the bidding process will commence in the next month or so.”

The Celtics are expected to sell at a total value between $5-6 billion with 51 percent of the Grousbeck stake set to be sold during the upcoming 2024-25 season. The remainder of the deal is expected to close in 2028.

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There have been no confirmed interested buyers so far beyond co-owner Steve Pagliuca and Grousbeck addressed the duo’s relationship in the interview but acknowledged that it would be an open bidding process.

“We’ve been able to work together, with the other ownership, and we’re still basically all together after 22 years,” Grousbeck said. “All these guys are limited partners, but I’ve made a point of consulting with them and working with them all the way along, and we have a happy group after 22 years, which is really not very common in the business world. And Steve has been super helpful. He introduced Danny Ainge to the mix, which is a hall of fame moment in our Celtics history. Steve’s been great, he continues to be great, but there are no special rights around the bid. That’s the way our documents read, that’s the way we have to play it, so that’s the way we’re playing it.”

The Celtics begin their regular season with a showdown against their division rival Knicks in Oct. 22 at TD Garden.