Celtics' Wyc Grousbeck Steps Down as Principal Owner
The Boston Celtics, one of the most storied franchises in NBA history, are set for a significant change in leadership as co-owner Wyc Grousbeck steps down as the team's governor. This transition comes as part of the $6.1 billion sale of the team to Bill Chisholm, which is expected to be finalized within the next week.
Grousbeck, who purchased the Celtics alongside his father for $360 million in 2002, will continue his involvement with the team as CEO and an alternate governor. However, he will no longer hold the position of governor, a role that Chisholm will assume with full control of the franchise.
This shift in roles was not part of the initial plan, as Grousbeck was expected to remain as governor through 2028. The transition mirrors a similar change experienced by Mark Cuban, owner of the Dallas Mavericks, who, after selling a majority stake in his franchise, stepped back from day-to-day control roles and governor position.
Financial Implications of the Niang Trade
The Celtics have been making strategic moves to reduce their payroll, and the Niang trade is a key example. By trading Georges Niang and two future second-round picks to the Utah Jazz for rookie RJ Luis Jr., the team managed to create an $8.2 million trade exception and save $50 million, dropping their payroll from $540 million to $239 million. This move also resulted in the Celtics dropping $1.7 million above the first apron and $10.2 million below the second apron.
Impact on the Team's Future
The Celtics are facing a challenging season ahead, with Jayson Tatum's ruptured Achilles' tendon and the trades of Kristaps Porzingis and Jrue Holiday. These setbacks are likely to prevent the team from making another deep playoff run this upcoming season. However, the core of Jaylen Brown, Derrick White, and Payton Pritchard remains intact, providing a solid foundation for the future.
The Role of Wyc Grousbeck Moving Forward
Despite stepping down as governor, Grousbeck will continue to play a significant role in the day-to-day operations of the team. He will work alongside Chisholm and the existing management, maintaining his position as CEO. However, his involvement in key basketball decisions is expected to be limited, much like Mark Cuban's reduced role after selling the Dallas Mavericks.
In the past two decades, the Boston Celtics have been a dominant force in the Eastern Conference, making six of the last nine Eastern Conference finals. With the new ownership, the team is poised to write a new chapter in its illustrious history.
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