Joe Lacob's Golden Era:
When Joe Lacob purchased the Golden State Warriors in 2010 for $450 million, few could have foreseen the transformation that would follow. A decade later, the Warriors have captured four NBA championships under his leadership and have become one of the most valuable franchises in professional sports.
"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 declared, encapsulating his deep commitment to the franchise.
One of the most significant milestones in Lacob's tenure has been the construction of the state-of-the-art Chase Center, which opened its doors in 2019. Under his stewardship, the value of the Golden State Warriors has skyrocketed, reflecting both their on-court triumphs and off-court business acumen.
Boston Celtics: A New Chapter Begins
On the other side of the country, the Boston Celtics find themselves on the cusp of a generational transition. Boston Basketball Partners L.L.C., the ownership group that acquired the Celtics in 2002 for $360 million, 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 storied franchise.
"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 ownership group stated.
According to the plan, a majority interest is expected to be sold by 2024 or early 2025, with the remaining shares closing by 2028. Wyc Grousbeck is expected to remain the Governor of the Boston Celtics until the final closing, ensuring continuity during this transitional phase. Forbes' October 2023 valuation pegged the Celtics' worth at a whopping $4.8 billion, underscoring the franchise's immense value.
Financial Commitments Amid the Transition
The sale announcement comes against the backdrop of significant financial commitments. In the summer, Jayson Tatum secured a five-year, $314 million extension, while Jaylen Brown inked a five-year, $303 million deal the previous summer. Complementing these star players, Derrick White received a four-year, $125 million extension. Additionally, the Celtics boast veterans like Jrue Holiday and Kristaps Porzingis, each commanding salaries in excess of $30 million annually.
With such substantial contracts, the Celtics' payroll is projected to surpass $200 million by the 2025-26 season. The luxury tax bill for that same season is also expected to reach an eye-popping $250 million, bringing the total financial commitment to over $450 million. These figures reflect the franchise's ongoing ambition to remain competitive and maintain its legacy as one of the premier teams in the NBA.
As the Boston Celtics prepare for this significant transition, one thing is clear: both on the court and in the boardroom, the stakes have never been higher. The enduring passion and commitment of Joe Lacob to the Warriors and the impending changes for the Celtics showcase the dynamic and ever-evolving landscape of professional basketball.