Outgoing Celtics’ owner Wyc Grousbeck will not stay on as Boston’s governor, as planned, when the sale of the team closes, ESPN reported Tuesday.
Grousbeck, instead, is expected to serve as alternate governor and remain the CEO through 2028. Ownership is expected to transfer to a group led by Bill Chisholm later this summer or in early fall, once the board of governors OKs the sale.
Chisholm and his group are buying at least 51 percent of the franchise at a valuation of $6.1 billion. The Athletic reported that under league rules, a governor must own at least 15 percent of the team.
An alternate governor can own any stake in the team and fill in for an absent governor.
The ownership stake will increase in 2028, according to the purchase contract, when Chisholm’s group is scheduled to buy out the remaining minority shareholders at a $7.4 billion valuation.
The new owners have been agreeable to Grousbeck maintaining a role with the team as the Chisholm group learns the business. Grousbeck has been the lead governor since his father, Irv Grousbeck, assembled a group to buy majority ownership in 2002.
–Field Level Media
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