In 2010, Joe Lacob took a bold leap into the world of professional basketball by purchasing the Golden State Warriors for what was then a staggering $450 million. Lacob's tenure has since been marked by remarkable achievements both on and off the court, solidifying his legacy in the NBA landscape.
Under Lacob's leadership, the Warriors have captured four NBA championships, proving his investment was not just financially prudent but also transformative for the team's fortunes. “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,” Lacob affirmed, leaving no doubt about his commitment to the Warriors.
The franchise's value has skyrocketed during Lacob's ownership, in large part due to the construction of the state-of-the-art Chase Center. This facility, heralded as one of the premier arenas in sports, not only provided a new home for the Warriors but also served as a catalyst for the franchise’s growing popularity and financial ascendency.
Boston Celtics on the Market
Meanwhile, across the country, a significant shift is underway within the Boston Celtics organization. Boston Basketball Partners L.L.C. has announced their intention to sell all shares of the team. The decision, driven by estate and family planning considerations, marks a pivotal moment for the historic franchise. “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,” the statement read.
The timeline for this transaction is set to see a majority interest sold by 2024 or early 2025, with the remaining shares anticipated to be transferred by 2028. Wyc Grousbeck is expected to remain the Governor of the Boston Celtics until the final closing in 2028, ensuring some continuity during this transitional period. “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 specified.
A Franchise on the Rise
Boston Basketball Partners L.L.C. originally acquired the Celtics in 2002 for $360 million, a valuation that pales in comparison to the current worth of the team. Forbes' October 2023 valuation placed the franchise's worth at an astonishing $4.8 billion, reflective of both the team’s on-court success and the NBA’s booming market.
The Celtics' impressive financial status is underscored by their significant investments in player salaries. Star player Jayson Tatum secured a lucrative five-year, $314 million extension in the summer, while his teammate Jaylen Brown followed with a five-year, $303 million deal the previous summer. In addition, Derrick White earned a four-year, $125 million extension, ensuring the team not only retains its top talent but remains competitive in the league.
The financial commitments don’t stop there. Jrue Holiday and Kristaps Porzingis, two more key players, command salaries exceeding $30 million annually each. As a result, the Celtics' payroll is projected to surpass $200 million by the 2025-26 season. This spending spree has positioned the team for potential luxury tax bills of $250 million, bringing their total financial commitment for that season to a staggering $450 million. These numbers illustrate the Celtics' ambition and determination to remain a formidable force in the NBA.
As the landscape of NBA ownership continues to evolve, the looming sale of the Boston Celtics and the successful tenure of Joe Lacob with the Golden State Warriors showcase two distinct paths to franchise growth and success. While one storied franchise enters a period of transition, another continues to build on a foundation of championship glory and financial prowess.