The story of Joe Lacob's ownership of the Golden State Warriors is one that is marked by transformative success. When Lacob purchased the Warriors in 2010 for $450 million, few could have predicted the heights to which the franchise would soar. Fast forward to the present day, and the Warriors have clinched four NBA championships under his stewardship, a testament to the profound impact of his leadership and vision.
One of the most significant milestones during Lacob's tenure has been the construction of the Chase Center, a state-of-the-art arena that has become a central hub for both the team and its fanbase. More than just a sports facility, the Chase Center symbolizes the new era of the Warriors, encompassing not only the success on the hardwood but also the holistic growth of the franchise's value and brand.
Reflecting on his journey with the Warriors, Lacob expressed his unwavering commitment to the team. "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," he asserted.
The value of the Golden State Warriors has indeed seen a meteoric rise since Lacob took the helm, illustrating the successful business acumen that has characterized his ownership. The financial growth parallels the on-court success, making the Warriors one of the most valuable franchises in the league today.
In contrast, across the country in Boston, a significant shakeup is on the horizon for one of the league's storied franchises. The Boston Basketball Partners L.L.C. have announced their intention to sell all shares of the Boston Celtics. The ownership group, which acquired the Celtics in 2002 for $360 million, cited estate and family planning considerations as the primary reasons for the decision to sell.
According to the official announcement, the managing board expects to part with a majority interest in 2024 or early 2025, with the remainder set to be sold by 2028. "The managing board of the ownership group expects to sell a majority interest in 2024 or early 2025, with the balance closing in 2028, and expects Wyc Grousbeck to remain as the Governor of the team until the second closing in 2028," stated the Boston Basketball Partners L.L.C.
This move represents a significant transition period for the Celtics, a franchise valued at $4.8 billion by Forbes as of October 2023. The impending sale will undoubtedly have far-reaching implications, both financially and operationally, for the team.
The Celtics' financial future is further complicated by their hefty payroll commitments. Star players like Jayson Tatum, who secured a five-year, $314 million extension this summer, and Jaylen Brown, with a five-year, $303 million deal signed the previous summer, are locked in for the long term. Additionally, Derrick White earned a four-year, $125 million extension, while Jrue Holiday and Kristaps Porzingis command salaries exceeding $30 million annually each.
With these substantial contracts on the books, the Celtics’ payroll is projected to surpass $200 million by the 2025-26 season. Moreover, the expected luxury tax bill for that season is estimated to be around $250 million, pushing the total financial commitment for the 2025-26 season to over $450 million. This staggering figure underscores the significant investment required to maintain a competitive team in today's NBA landscape.
As the Celtics transition into a new era of ownership, the potential for change is immense. While Wyc Grousbeck is expected to remain in his role as Governor until the final closing in 2028, the new ownership group will inherit not only a storied legacy but also the challenges and opportunities that come with guiding one of the league's premier franchises into the future.
Whether it's the sustained success of Joe Lacob and the Golden State Warriors or the impending transformation of the Boston Celtics, the NBA landscape is rife with compelling storylines. These developments will continue to shape the narratives of these two iconic franchises and the league as a whole in the coming years.