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The Legend of the Celtics L.B.O.

The true story of how Wyc Grousbeck, perhaps the least well-capitalized owner in sports, had the chutzpah to buy the Celtics in one of the greatest deals in modern sports history.

Wyc Grousbeck
Grousbeck isn’t a typical owner—he came about the Celtics in an unusual way, and has an innate sense of both how to run a team and when to trade one. Photo: Billie Weiss/Getty Images
William D. Cohan
November 24, 2024

Maybe because he’s from my hometown of Worcester, or maybe because we’re about the same age, or maybe because I grew up around the corner from Bob Cousy and have been a lifelong Celtics fan, I was absolutely entranced by Wycliffe “Wyc” Grousbeck’s recent Zoom appearance, alongside hedge fund manager Lee Ainslie, at the Economic Club of New York the other week. Grousbeck, of course, is the principal owner and governor of the Celtics, the reigning NBA championship franchise that he purchased, along with a group of his rich friends—including his billionaire father, Irv, a co-founder of Continental Cablevision—for $360 million in 2002. During his 22 years of ownership, the Celtics have won two NBA rings, adding to the record 18 NBA championships the franchise has won over the years.