Wyke Grousbeck, once the principal owner and governor of the Boston Celtics, now plays a significantly smaller role in the team’s front office. Back in August, his time as principal owner came to an end, and he now serves as co-principal owner of the marquee franchise.
A report from Adam Himmelsbach of the Boston Globe suggests his influence within the organization will only continue to wane in the coming years as well. According to Himmelsbach, Grousbeck’s stake in the Celtics is expected to drop to just 3% by 2028. For perspective, he currently owns 13% of the team.
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“Aditya Mittal, the CEO of the global steel giant, considered becoming chief governor but ultimately pledged $100 million to support Chisholm,” he wrote.
“However, Mittal’s interest soared during a visit to Boston, and he increased his stake to $1 billion and became governor-in-waiting. Pagliuca also released his group of investors, allowing them to join Chisholm. Wyc Grousbeck remained a key figure in the team, ultimately taking a 13% stake. That will be reduced to around 3% by the end of the second phase of the deal in 2028.”
Of course, Grousbeck’s ownership group sold the Celtics to a group led by Bill Chisholm earlier this year, but the Grousbeck family is said to have had preliminary discussions about taking an earlier route. They have discussed selling the team later in 2033.
April 4, 2025; Boston, MA, USA; Bill Chisholm (center), who led the team that acquired the Boston Celtics, stands with current owner Wyc Grousbeck and Chisholm’s wife, Kimberly Chisholm, before the Boston Celtics game against the Phoenix Suns at TD Garden. Mandatory Credit: Winslow Townson-Imagn Images
“Three years later, Chisholm co-founded Symphony Technology Group, a software-focused private equity firm, where he became a savvy dealmaker, spotting potential in flawed businesses,” he wrote.
In an early deal, he bought a troubled company that scraped data from UPC codes for about $100 million. Chisholm helped revive the business and sold it for nearly $1 billion about six years later. There were internal discussions within the Grousbeck family about selling in 2033, according to industry sources. But for legacy and family planning purposes, the family patriarch, 91-year-old Irv Grousbeck, 1 The decision to divest early was made in March. Irving’s son Wyc, who has been the team’s principal owner since the family bought the team from Paul Gaston for $320 million in 2002, believes it is too early.
Grousbeck spent more than 20 years as the Celtics’ majority owner, winning two championships during that time. His first appearance came in 2008, when Boston was led by the three-headed monster of Paul Pierce, Ray Allen and Kevin Garnett. Then, most recently, Boston won a league-best 64 games in the 2023-24 regular season, becoming the last team to make the 2024 NBA playoffs.
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This article originally appeared on Celtics Wire: Wyc Grousbeck’s stake in Celtics to drop significantly in near future
