Boston Basketball Partners Assume Ownership of Celtics Franchise
The Boston Basketball Partners completed their acquistion of the Celtics on New Year's Eve.
Photo by Steve Lipofsky
-->BOSTON (December 31, 2002) - Boston Basketball Partners L.L.C. announced today that they have completed the purchase of the Boston Celtics basketball team.
"This is the thrill of a lifetime," said Wyc Grousbeck, Managing Partner and CEO of Boston Basketball Partners. Our local ownership group the first local owners in decades is honored to accept this role and begin working with the team and the community to continue the winning tradition of the Celtics on and off the court.
The Boston Celtics announced on September 27th that Boston Basketball Partners L.L.C. would purchase the team pending NBA approval. Boston Basketball Partners L.L.C. is a local private investment group formed to purchase the Boston Celtics. Boston Basketball Partners four member managing board consists of Wyc Grousbeck, H. Irving Grousbeck, Steve Pagliuca and The Abbey Group, represented by Robert Epstein.
"We are extremely excited to be a part of the glory and tradition that is the Boston Celtics," said Managing Partner H. Irving Grousbeck. "This ownership group is dedicated to adding to that tradition through a commitment to championship basketball and the community."
"This is an amazing opportunity to be part of one of the greatest sports teams in history, and to try to use that position to do good things for the community we are a part of," said Managing Partner Steve Pagliuca. "I am pleased to join my partners the Grousbecks and The Abbey Group, as well as our fellow Executive Committee members and Board members, in this quest to help the team continue to strive for excellence."
"We are thrilled beyond words, said Managing Partner Robert Epstein. I, along with my partners at The Abbey Group, John Svenson and David Epstein, look forward to working with this terrific group to continue to build on the great legacy and storied history of the Boston Celtics. We all grew up locally as Celtics fans and truly understand what it means to bleed green."
Earlier this month, Boston Basketball Partners announced the completion of their seven-member Executive Committee with the additions of Paul Edgerley, Glenn Hutchins and James Pallotta. The other members of the Executive Committee are comprised of the four members of the Managing Board, Wyc Grousbeck, H. Irving Grousbeck, Steve Pagliuca and The Abbey Group, represented by Robert Epstein.
Boston Basketball Partners also announced that David Bonderman, James Cash, William Helman and Stephen Lewinstein will serve on the Board of Directors, along with the seven members of the Executive Committee.
Boston Basketball Partners list of Founding Investors includes: Richard H. Aldrich, Senior Vice President and Chief Business Officer, RA Capital Associates; David Bonderman, Managing Director, Texas Pacific Group; James Breyer, General Partner, Accel Partners; James I. Cash, Jr., Professor and Senior Associate Dean, Harvard Business School; Paul Edgerley, Managing Director, Bain Capital Partners; William P. Egan, General Partner, Alta Communications; William Helman, General Partner, Greylock Partners; Glenn Hutchins, a Founder and Managing Member of Silver Lake Partners; Stephen R. Lewinstein, President, Stephen R. Lewinstein Associates; Stephen J. Luczo, Chairman and CEO, Seagate Technology; Michael Marks, Chairman and CEO, Flextronics International; James Pallotta, a Managing Director of Tudor Investment Corporation and Head of Tudors U.S. Equity Securities Group; David Roux, Founder, Silver Lake Partners; and Mark Wan, Partner, Three Arch Partners.