In 2010, Joe Lacob made a significant move by purchasing the Golden State Warriors for $450 million. This acquisition marked the beginning of a transformative era for the franchise, with Lacob at the helm guiding the Warriors to remarkable success both on and off the court.
Lacob's stewardship has been nothing short of extraordinary, overseeing four NBA championships and transforming the Warriors into one of the most valuable franchises in the league. Under his leadership, the team not only became a powerhouse in the NBA but also saw the construction of the state-of-the-art Chase Center, a testament to the ambition and forward-thinking vision that Lacob brought to the organization.
"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 stated, reaffirming his commitment to the Warriors and ruling out any possibility of stepping away from the team.
Big Moves in Boston
In a significant development on the East Coast, Boston Basketball Partners L.L.C., the ownership group of the Boston Celtics, has announced its intention to sell all shares of the team. The decision, driven by estate and family planning considerations, marks the end of an era for the ownership group that acquired the team in 2002 for $360 million.
"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 group stated.
The timeline for the sale is structured, with a majority interest expected to be sold by 2024 or early 2025. The remaining shares are projected to be sold by 2028, and during this transition period, Wyc Grousbeck is anticipated to remain the Governor of the Boston Celtics. "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," according to the group's announcement.
Financial Prospects and Player Contracts
As the Celtics prepare for this significant change in ownership, the team's financial landscape is also evolving. Forbes' October 2023 valuation placed the Boston Celtics' worth at an astonishing $4.8 billion, reflecting the franchise's strong market presence and successful operations.
On the player front, the Celtics have made substantial financial commitments to their star players. Jayson Tatum secured a five-year, $314 million extension in the summer, solidifying his role as a cornerstone of the team. Meanwhile, Jaylen Brown, another key player, signed a five-year, $303 million deal in the previous summer. Additionally, Derrick White earned a four-year, $125 million extension, ensuring his continued contributions to the team.
The team's payroll is projected to exceed $200 million by the 2025-26 season. This figure is further augmented by the contracts of Jrue Holiday and Kristaps Porzingis, both of whom command salaries exceeding $30 million annually. Consequently, the Celtics' financial obligations are anticipated to be substantial, with a projected luxury tax bill of $250 million by the 2025-26 season. The total financial commitment for the Celtics for that same season is expected to surpass $450 million.
As the Celtics navigate this transitional period, the decisions made by the current and future ownership will be pivotal in shaping the franchise's direction. The commitment to core players and the financial investments reflect a strategic vision aimed at maintaining the team's competitive edge in the NBA.
The unfolding scenarios in both Oakland and Boston highlight the dynamic nature of NBA franchises and the critical role of ownership in navigating the complexities of professional sports. With Joe Lacob firmly rooted in his commitment to the Warriors and the impending sale of the Celtics, the landscape of the NBA continues to evolve, bringing new opportunities and challenges for these storied franchises.