In 2010, Joe Lacob made a bold move by purchasing the Golden State Warriors for $450 million. Over the past decade-plus, his leadership has transformed the franchise into a basketball powerhouse, both on and off the court. Under Lacob's guidance, the Warriors have clinched four NBA championships and seen their franchise value soar to unprecedented heights.
"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 asserted, reaffirming his deep commitment to the Warriors.
One of the pivotal moments in Lacob's tenure has been the construction of the Chase Center, a state-of-the-art arena that solidified the Warriors' status as a premier NBA franchise. This monumental project not only enhanced the team's facilities but also provided a significant boost to the local economy, cementing Lacob's legacy in the Bay Area.
Boston Basketball Partners Announce Sale of Celtics
In a surprising turn of events, Boston Basketball Partners L.L.C., the ownership group of the Boston Celtics, recently declared its intention to sell all its shares of the esteemed franchise. The decision, primarily driven by estate and family planning considerations, marks the end of an era for the group that bought 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 announced in a statement.
The timeline for this significant transaction is set, with the majority interest expected to be sold by 2024 or early 2025. The remaining shares are anticipated to be sold by 2028, with Wyc Grousbeck expected to remain the Governor of the Boston Celtics 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 clarified.
Financial Milestones and Future Projections
The Celtics' current valuation is a testament to the successful management by Boston Basketball Partners. As of October 2023, Forbes valued the Boston Celtics at a staggering $4.8 billion. This monumental increase from their purchase price highlights the lucrative nature of NBA franchises in today's market.
On the player front, the Celtics have not shied away from significant financial commitments. Jayson Tatum secured a five-year, $314 million extension during the summer, while Jaylen Brown inked a five-year, $303 million deal the previous summer. Derrick White also earned a substantial four-year, $125 million extension, showcasing the team's commitment to retaining key players.
Additionally, veterans Jrue Holiday and Kristaps Porzingis each command salaries exceeding $30 million annually, further emphasizing the hefty financial commitments on the roster. As a result, the Celtics' payroll is projected to soar past $200 million by the 2025-26 season, with an expected luxury tax bill of $250 million, culminating in a total financial commitment exceeding $450 million.
The High Stakes of Legacy and Future
As the Celtics navigate the complexities of their impending sale and the financial challenges ahead, the broader NBA community watches with keen interest. The monumental transactions involving high-profile franchises like the Warriors and the Celtics underscore the dynamic nature of team ownership in modern professional sports.
Lacob's unwavering dedication to the Warriors contrasts sharply with the sale of the Celtics, offering a unique illustration of how different ownership philosophies and strategies impact the trajectory of a team's legacy and value. While the Celtics prepare for a new chapter under potential new ownership, the Warriors continue to build on their established success story, aiming to extend their legacy of excellence well into the future.