Wyc ownership group planning to make Celtics available for sale

benhogan

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Is this going to be the Mark Cuban play? Get some big money investor to help pay the luxury tax the next few years while they retain control of team operations?
Yep. similar to Cuban divestment.

That's what I have had on my bingo card with Wyc continuing to run basketball ops.

Let the bidding begin.
 

HomeRunBaker

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Holy shit. I guess they got the ring and can't handle the tax payments after this year.
Or are choosing a timely departure while bagging $5-6B?

It will be interesting to start hearing some names/groups. Sell to Fenway, LeBron relinquishes his share, rebuys a larger share upon retirement and becomes the face of the franchise? Now THAT would piss some people off:D


This is reassuring.
Timeline shows LeBron retiring following the 20026-27 season too. Hmmmm
 

lovegtm

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Or are choosing a timely departure while bagging $5-6B?

It will be interesting to start hearing some names/groups. Sell to Fenway, LeBron relinquishes his share, rebuys a larger share upon retirement and becomes the face of the franchise? Now THAT would piss some people off:D
Yeah, it now looks like they want to get someone locked in for cash, so that they can pay stupid luxury tax for 4 years and borrow the liquidity to do that against the signed sale in 2028, while still coming out way ahead cash-wise.
 

radsoxfan

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The biggest near-to-medium term downside is that Brad and Wyc seems aligned/close.

I hope this doesn’t hasten Brad’s coaching search….
 

astrozombie

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Honestly, after all the good vibes this offseason this news creates some uncertainty and by extension a bit of a cloud. Maybe some of the other current owners pony up the cash. Maybe the next guy in is all for going for it. Or... maybe the next guy breaks up the team because it's too expensive. Ugh. This was unexpected and a bit of a bummer.
 

JCizzle

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I know Wyc had actual roots with the team. I hope he takes care to sell to a group similarly committed.
 

Reardon's Beard

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This sounds to me like they are trying to narrow tax liabilities (personal/family) before 2025 when the tax code may significantly change.
 

HomeRunBaker

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The biggest near-to-medium term downside is that Brad and Wyc seems aligned/close.

I hope this doesn’t hasten Brad’s coaching search….
I wouldn’t expect to ever see a successful executive take the step down and back into the coaching ranks. Has this ever happened in any sport? (Waits for someone to list 8 coaches w prior GM success, sigh).
 

Reardon's Beard

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I wouldn’t expect to ever see a successful executive take the step down and back into the coaching ranks. Has this ever happened in any sport? (Waits for someone to list 8 coaches w prior GM success, sigh).
Hasn't Pat Riley done this - maybe even multiple times?
 

Senator Donut

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Yep. similar to Cuban divestment.

That's what I have had on my bingo card with Wyc continuing to run basketball ops.

Let the bidding begin.
This is more like Glen Taylor's sale than Cuban's. The timeline outlined by the press release calls for a final closing in 2028 and for Wyc to remain governor until that date. That means he collects any trophy from Adam Silver until the new group buys him out completely, whereas a new governor has already been named in Dallas. (Cuban did not receive the Oscar Robertson Trophy.) Presumably, this gives him the means to juice payroll knowing he has four years of payments incoming for his equity stake.
 

cheech13

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I wouldn’t expect to ever see a successful executive take the step down and back into the coaching ranks. Has this ever happened in any sport? (Waits for someone to list 8 coaches w prior GM success, sigh).
Steve Kerr went from Phoenix GM to coach of the Warriors, albeit with a break in between.
 

benhogan

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Tim MacMahon reported that Cuban no longer has control of operations here: NBA Finals 2024 - Why Luka Doncic, Kyrie Irving and the Mavericks have a future as title contenders - ESPN .

Nico Harrison reports directly to the Governor, who was installed when the new owner purchased the controlling stake.
It makes sense. Why would the new majority owners want Cuban making basketball decisions, that's why they have Nico Harrison. Maybe Cuban has some figurehead title (besides minority Partner)?
 

lovegtm

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JJ Reddick went from being the executive of a wildly successful podcast to coaching.
 

benhogan

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This is more like Glen Taylor's sale than Cuban's. The timeline outlined by the press release calls for a final closing in 2028 and for Wyc to remain governor until that date. That means he collects any trophy from Adam Silver until the new group buys him out completely, whereas a new governor has already been named in Dallas. (Cuban did not receive the Oscar Robertson Trophy.) Presumably, this gives him the means to juice payroll knowing he has four years of payments incoming for his equity stake.
Yea, that's right

BUT until they find a buyer we're a little short on the details other than the PR release.
 

nattysez

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This is a hot take, but I think after this most-recent TV deal, there is a reasonable argument that the Celtics will never be more valuable than they are in the next year. Networks' competition for eyeballs may change with increased consolidation, consumption habits may change as a generation of kids used to watching highlights on their phones rather than sitting for hours watching a game become the main consumers, etc. I'll be happy to be proven wrong, but getting out at the top makes a lot of sense.

I wonder if Simmons has enough money to meaningfully contribute to an ownership group. My guess is no.
 

radsoxfan

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I wouldn’t expect to ever see a successful executive take the step down and back into the coaching ranks. Has this ever happened in any sport? (Waits for someone to list 8 coaches w prior GM success, sigh).
I hope you are right.

Brad has gone seemingly out of his way to mention how much he loves coaching, is a coach at heart, etc.
 

lovegtm

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I'll comment in more detail later, but as the facts are coming out, it really looks like they want to both
- sell high
- enjoy owning a title-contending team for 4 years before closing that sale
 

Kenny F'ing Powers

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The biggest near-to-medium term downside is that Brad and Wyc seems aligned/close.

I hope this doesn’t hasten Brad’s coaching search….
This was my concern. Less about Brad going back to coaching, and more about Brad wanting to go to a more stable environment with an ownership group he trusts. We don't need to look further than BB with the Jets to see that shit matters for certain people.
 

Senator Donut

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I'll comment in more detail later, but as the facts are coming out, it really looks like they want to both
- sell high
- enjoy owning a title-contending team for 4 years before closing that sale
I'll add a third bullet point
- provide a financial roadmap for covering the high costs of fielding a title-contending team.
 

Ed Hillel

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Looks to me like Wyc is committing to paying a huge tax the next 2-4 years and hedging that by paying for it partially by selling the team at an opportune time. Kind of cool of him tbh.
 

Jed Zeppelin

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I’d feel more concerned if there were, I guess, more flexibility on the roster. We are locked into an excellent team with the remaining short-term decisions mostly coming down to which pen will be used to sign Tatum’s contract.
 

Ed Hillel

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I’d feel more concerned if there were, I guess, more flexibility on the roster. We are locked into an excellent team with the remaining short-term decisions mostly coming down to which pen will be used to sign Tatum’s contract.
Right, and it looks like Wyc is ensuring we don’t get the nightmare scenario of a new cheap owner shipping Tatum off for picks and expiring contracts. I’m good with this tbh. We’re essentially committing to this cap hell for a serious title window.
 

benhogan

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This is more like Glen Taylor's sale than Cuban's. The timeline outlined by the press release calls for a final closing in 2028 and for Wyc to remain governor until that date. That means he collects any trophy from Adam Silver until the new group buys him out completely, whereas a new governor has already been named in Dallas. (Cuban did not receive the Oscar Robertson Trophy.) Presumably, this gives him the means to juice payroll knowing he has four years of payments incoming for his equity stake.
I expect the BUYER to look more like the "Cuban sale" (real estate, gambling, Institutional).

A group that can financially benefit from a winning team & paying the tax. At least that's what I'm hoping will happen.
 

lovegtm

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Gregg Popovich did OK for himself, I'd say.
HRB hedged well and was tongue-in-cheek, so this is not a dunk.....but it's very very funny that the first two examples were two of the most successful coaches in history, and are both still active.
 

NomarsFool

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BTW, everyone keeps talking about Cuban and the Mavs, but didn't he eventually give up the governorship and is no longer controlling the team?
 

Lazy vs Crazy

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If they have already laid out the timeline like that, it tells me they already have a buyer in mind that is amicable to those conditions?
 

TomRicardo

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BTW, everyone keeps talking about Cuban and the Mavs, but didn't he eventually give up the governorship and is no longer controlling the team?
He still owns 27% but that doens't really mean anything in terms of having any control.
 

Arroyoyo

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This makes me wonder just how many millionaires and billionaires in the United States are asset-rich but liquidity-poor.
 

TomRicardo

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If they have already laid out the timeline like that, it tells me they already have a buyer in mind that is amicable to those conditions?
Could be Bonderman buying out his partners if that is the case especially if he has a side deal for the Vegas expansion team to use his stadium in Vegas.
 

Cellar-Door

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Wonder if they are planning to sell a bulk of the team to a new vehicle made up of many of the same people, to shift the estate issues for an 89 year old.
 

ragnarok725

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BTW, everyone keeps talking about Cuban and the Mavs, but didn't he eventually give up the governorship and is no longer controlling the team?
Yeah it's been brought up several times and debunked a couple times. After a sale is final there's no real way the current ownership group is going to still be calling the shots.

However, with the timeline scenario laid out in the press release - with the sale not fully closing until 2028 and Wyc remaining governor until then - it could actually work closer to what people thought was happening with Cuban and the Mavs.
 

HomeRunBaker

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Steve Kerr went from Phoenix GM to coach of the Warriors, albeit with a break in between.
He alledged “stepped down” ala Ainge then gave all these defensive answers that didn’t make sense like wanting to spend more time at home (yeah so jump into head coaching lol) so maybe he’s a one-off or maybe he left before Sarver could fire him to save face.

Riley’s was strange because he took the Heat job in a dual President/Head Coach role, promotes SVG, then took over from Van Gundy seemingly to take credit or bc he had disagreements with him. Either way, these were both unique situations. I don’t see where Brad would fit with either of them unless 2028 came and he didn’t work well with the new owner.
 

8slim

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The history of Cs ownership is pretty damn volatile. The Mangurian’s were the most stable owners before Wyc’s group purchased the franchise. Prior to that it was often chaos. And yet they kept winning because of Red.

So ideally Brad is the new Red, the sale is more back office accounting process than sea change in franchise direction, and we’re all good. Honestly that’s where my bet goes.
 

benhogan

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BTW, everyone keeps talking about Cuban and the Mavs, but didn't he eventually give up the governorship and is no longer controlling the team?
Do we care who collects the trophy from the Commish?

We want the new owners to have a financial incentive to win (& pay a tax) like a real estate group. That's how it relates to a Cuban/Mavs

If we get a bunch of wealthy New Englanders to buy it I'd be somewhat concerned
 

NomarsFool

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Whoever owns the team is going to have a say, I would say THE say in whether and how much luxury tax the Celtics are going to pay. Doesn't matter if Wyc is still involved or not (assuming he doesn't have a controlling interest).
 

Ed Hillel

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Whoever owns the team is going to have a say, I would say THE say in whether and how much luxury tax the Celtics are going to pay. Doesn't matter if Wyc is still involved or not (assuming he doesn't have a controlling interest).
I mean it depends on the terms of the sale, which right now is 100% controlled by current ownership. If Wyc is remaining as Governor for 4-5 years, there are going to be conditions attached, and I’d guess they include Wyc using some of the sale money to help fund the tax.
 

lovegtm

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Whoever owns the team is going to have a say, I would say THE say in whether and how much luxury tax the Celtics are going to pay. Doesn't matter if Wyc is still involved or not (assuming he doesn't have a controlling interest).
Not if they don't close until 2028. The idea is that the new owner locks in the ability to own the team then, and locks in a price, but isn't responsible for luxury tax in the meantime.

If he/she/they don't want to pay the tax in 2029, can cut payroll then.