Many in the NBA community were a bit shocked to learn that the Celtics were being traded just weeks after winning the NBA championship and now family rifts have been revealed as the reason.
The Celtics are owned by Boston Basketball Partners, which is an investment group where Wyc Grousbeck is the Governor of the team, but he himself owns about 3 percent of the team, according to. The New York Post.
Wyc's 90-year-old father, Irving Grousbeck, has a controlling 20 percent stake in the group.
Yes the Celtics won a championship, but to do it, they had to have one of the NBA's highest payrolls.
That same roster is expected to cost around $500 million through the 2025-26 season and Irving isn't happy about it.
“Irving Grousbeck… failed to finance the massive losses from the big contracts that helped the Celtics record a record 18 NBA championships in June, multiple sources said. Posted,” said the source.
“The team was never broken even last season when they were running for the championship, sources said. An estimated $80 million is expected to be lost due to the luxury tax penalty for exceeding next season's salary cap that will expire next month, said a source close to the sale process.
“That number is likely to rise significantly in the 2025-26 season when the tougher wage penalties come into play.”
Some of the The Post's The source said, “Wyc says we will spend whatever it takes, but dad didn't want to lose money”.
The Celtics' total payroll and taxes for 2024-25 are expected to be around $262 million – the fourth highest in the league.
Wyc Grousbeck emphasizes that the sale is for “house planning” purposes only.
“The Grousbeck family is selling the team to look after inheritances and family planning. That the sale is in any way related to the loss is absolutely wrong,” he emphasized.
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