The Boston Celtics process in selling the team is taking the first steps this week a few months after Wyc Grousbeck announced his family’s desire to sell their majority shares in the franchise.

Adam Himmelsbach of The Boston Globe reported that the two banks hired to supervise the sale- JP Morgan and BDT & MSD banks- will start contacting interested and potential buyers of the team.

The one interested person who has expressed real interest in buying the team is current co-owner Steve Pagliuca. He bought eight percent stake from minority inventor James Pallotta in 2020.

Other names and groups being rumored to buy the Celtics are Jeff Bezos, Wynn Resorts, and Fenway Sports Group. However, multiple reports have surfaced turning down the idea of FSG’s interest in buying the team.

Grousbeck explained the plan for selling the team during a July interview with CBS where he outlined the sale of the team happening in two parts.

“The expectation is to sell the team in two parts with 51 percent going fairly soon, 49 percent then closing in second closing. That’s the expectation in 2028. I’m planning or expecting to stay on until 2028. We’re going to hire bankers and advisers. This is going to be quite the bidding process.”

The Celtics currently have one of the highest payrolls in the NBA with $196.5 million on the books, which doesn’t yet include a $65 million luxury tax penalty for this year. This penalty is set to double by next season, nearing $500 million with new contracts kicking in and the repeater taxes.

Team President of basketball operations Brad Stevens briefly talked about the sale of the team during Media Day and expressed his appreciation for the Grousbeck family and the investor group.

“It’s out of our hands. As I’ve said before, I’m super thankful to Wyc and Irv and their family for everything they’ve done for us throughout this entire tenure and our great investor group that we have.”

The Celtics can and will sell for upwards of $5-6 million. Boston Basketball Partners L.L.C purchased the franchise for $360 million in 2002.

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Photo Credit: Brian Babineau, NBAE Getty Images