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Wyc Grousbeck now immediately ditching Celtics governor role in $6.1 billion sale
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- Wyc Grousbeck now immediately ditching Celtics governor role in $6.1 billion sale
The post Wyc Grousbeck now immediately ditching Celtics governor role in $6.1 billion sale appeared first on ClutchPoints .
*This story has been updated since original publish for further details on Wyc Grousbeck 's role with the Celtics organization.
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After selling the Boston Celtics to Bill Chisholm for $6.1 billion in March and agreeing to stay on as the team's CEO and governor, long-time owner Wyc Grousbeck will no longer stay on , according to Ramona Shelburne and Shams Charania of ESPN.
Although the original plan had been for Grousbeck to remain in this role with the Celtics through 2028, he will no longer be the governor for the team he's run over the last two decades.
Chisholm will inherit the title as the Celtics' governor, and this transfer of power will be made official at the league's next Board of Governors meeting.
Grousbeck is expected to retain his CEO title and be an alternate governor once the sale is completed. While Chisholm will be the Celtics' governor, both he and Grousbeck will run the team together . This change was due to league rules, including minimum ownership, according to Shelburne.
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The Grousbeck family led the ownership group that originally purchased the team in 2002 for $360 million. Given his ties to the Boston community and this historic franchise, Grousbeck was prepared to remain with the Celtics in a small capacity and oversee the transfer of ownership with Chisholm, stating he was "glad to do so" through 2028.
"We hoped from the beginning to find the right person with the resources and commitment to win banners and being a great person," Grousbeck told ESPN. "Bill checks every box for us. I have always been a consultant and have had final say here with the Celtics since the family bought into the team, and that will continue for the next three years, and we will transition."
Less than six months after this statement, Grousbeck has already decided to transition, and he will no longer be the Celtics' governor following this $6.1 billion sale to Chisholm.
When this purchase was made by Chisholm at the end of the 2024-25 NBA season, the plan was for the new owner to acquire at least 51 percent of the team and be approved this summer.
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Grousbeck and the current ownership group would have the option to retain the remainder of their shares through 2028, which they could then sell at a higher price. In this agreement with Grousbeck becoming an alternate governor and retaining his status as CEO, the former owner will own slightly less than the 15 percent given final funding for the transaction.
However, Grousbeck has officially decided to step down as the team governor and will instead move into an alternate governor role while retaining his title as CEO.
Both Brad Stevens and Rich Gotham will continue running basketball and business operations for the Celtics.
Under Grousbeck's leadership, the Celtics won two championships in 2008 and 2024. Immediately after claiming their recent title, the long-time owner announced his intention to sell the franchise , which is when Chisholm made his intentions to buy the team clear.
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Although the Celtics have made a lot of moves to sell players this offseason and cut costs, notably trading away Kristaps Porzingis and Jrue Holiday , Chisholm is prepared to do what it takes to win more championships.
"My approach is to win and raise banners," Chisholm told ESPN when he purchased the team. "That's in the near term and the long term. I've had a couple of sit-downs with Brad (Stevens) and it's been about aligning our goals and extending the window of this team. The plans that Wyc and Brad have laid out make perfect sense to me."
The sale is expected to be officially completed and announced in the next week.
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