Sports
Celtics sold for reported $360million
Celtics forwardAntoine Walker
WALTHAM, Massachusetts, Sept 27 (AFP) -The Boston Celtics, the National Basketball Association's moststoried franchise, are being sold for a reported 360 million dollars
Boston Basketball Partners, L.P., a localinvestment group, on Friday announced the signing of a definitiveagreement to purchase the Celtics from owner Paul Gaston.
The Boston Herald is reporting that Gastonwill receive 360 million dollars from a group headed by the father-sonteam of Irv and Wycliffe Grousbeck, and Stephen Pagliuca - allco-managing partners of Boston Basketball Partners.
"We are delighted to reach this agreement,but we fully understand that nobody really owns the Celtics exceptthe people and basketball fans of Boston, the state of Massachusettsand New England," said Wycliffe Grousbeck. "As long-timecommunity residents and Celtics fans, our goal is to build onthe success that has already been achieved by the team's strongmanagement, coaching staff and players.
"We look forward to years of involvementwith one of the greatest sports teams ever."
The Celtics own a record 16 NBA titles butmissed the playoffs six straight years before advancing to theEastern Conference finals last season.
In its 2002 rankings of NBA teams publishedin May, Forbes magazine placed the Celtics' value at 218 milliondollars.
Trading in shares of the Boston CelticsL.P. was suspended earlier Friday. They last traded at 10.60 dollarseach, down 40 cents from January 1.
Irv Grousbeck is a co-founder of the formerContinental Cablevision company, where he served as presidentuntil 1985.
Wycliffe Grousbeck is a general partnerin Boston venture firm Highland Capital. Pagliuca is a managingdirector at Bain Capital LLC.
"The NBA has enjoyed tremendous growthand success by developing terrific young talent, and the Celticsare a prime example of this philosophy in action," Pagliucasaid.
The 2001-02 Celtics were built around starshooting guard Paul Pierce, who turns 25 in October, and 26-year-oldforward Antoine Walker. Boston acquired forward Vin Baker fromthe Seattle SuperSonics in the offseason to provide much-neededinside scoring.
After beating Philadelphia and Detroit inthe playoffs, the Celtics lost to New Jersey in the Eastern Conferencefinals.
Boston holds the US professional sportsrecord with eight consecutive championships (1959-66) and 11 in13 seasons in the Bill Russell era. The Celtics also won two titlesin the 1970s and three more in the Larry Bird era (1981, 1984and 1986).