In 2010, Joe Lacob made a pivotal decision that would reshape the landscape of professional basketball. With a $450 million purchase of the Golden State Warriors, Lacob embarked on a journey that would turn the franchise into one of the most formidable teams in NBA history. Under his astute leadership, the Warriors have clinched four NBA championships, elevating their status and significantly increasing the franchise's value.
Lacob's commitment to excellence didn't stop at the team’s performance alone. Under his guidance, the Golden State Warriors saw the construction of the Chase Center, a state-of-the-art arena that has become a landmark for fans and athletes alike. Reflecting on his journey with the team, Lacob emphatically stated, "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."
In stark contrast, the Boston Celtics are gearing up for a significant change. Boston Basketball Partners L.L.C., the ownership group of the Celtics, recently announced their intention to sell all shares of the team. This decision, prompted 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.
The sale process is set on a defined timeline, with a majority interest expected to be sold by 2024 or early 2025 and the remaining shares anticipated to be offloaded by 2028. Wyc Grousbeck, the current Governor of the Boston Celtics, is expected to maintain his role 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," confirmed Boston Basketball Partners L.L.C.
The Celtics' value has soared since their 2002 acquisition. As of October 2023, Forbes valued the Boston Celtics at a staggering $4.8 billion. This immense increase in worth reflects not only the team's historic success but also their current robust financial commitments. The summer saw Jayson Tatum secure a five-year, $314 million extension, while Jaylen Brown penned a five-year, $303 million deal the preceding summer. Additionally, Derrick White earned a four-year, $125 million extension, while both Jrue Holiday and Kristaps Porzingis command salaries exceeding $30 million annually each.
These lucrative contracts set the stage for the Celtics' payroll to skyrocket. Projections indicate that by the 2025-26 season, the payroll will surpass $200 million, with the luxury tax bill expected to hit $250 million. Consequently, the total financial commitment for the Celtics for the 2025-26 season is projected to exceed $450 million.
The juxtaposition of the Warriors' stability and growth under Lacob and the impending transition for the Celtics paints a vivid picture of two franchises at pivotal junctures. While Lacob remains deeply entrenched in his mission to forge a lasting legacy with the Warriors, the Celtics face a transformative phase, navigating the complexities of ownership transitions while maintaining their competitive edge.
As both teams continue to shape their futures, the business of basketball underscores the blend of strategic vision and financial acumen required to steer them towards sustained success. Whether it's Lacob’s unyielding dedication to the Warriors or the Boston Basketball Partners' prudent planning, these stories highlight the ever-evolving landscape of NBA ownership and the relentless pursuit of excellence that defines it.