Wyc Grousbeck, the lead owner of the Boston Celtics, has come a long way from his upbringing in the leafy suburbs of Boston. Instead of playing for one of the local sports teams, he ventured into the world of venture capital and ultimately led an investment group that purchased the Celtics for $360 million in 2002. At that time, Forbes valued the franchise at $218 million, ranking it 13th among NBA teams. Fast forward to Forbes’ October 2022 valuation, and the Celtics are now worth $4 billion, making them the fifth most valuable team in the NBA.
In a recent interview with Forbes, the 62-year-old Grousbeck shared insights into his leadership philosophy as the head of this iconic team and discussed recent key decisions, including the unexpected trade for star point guard Jrue Holiday and the record-breaking $303.7 million five-year contract extension for Celtics forward Jaylen Brown.
Starting the journey to become the owner of an NBA franchise was no easy task. While Grousbeck received a substantial investment from his father, Irving Grousbeck, a co-founder of Continental Cablevision, he still had to convince 20 additional investors to join him in the venture. His father’s decision to contribute less than he could afford was a pivotal moment that required Grousbeck to build trust and assert his leadership from the outset.
Grousbeck reflects on the leap of faith his partners took, believing in his ability to serve as the day-to-day CEO and decision-maker. He emphasizes that he was just 41 years old and had limited experience managing employees, aside from a valuable assistant who remained with him. He promised his partners that this was their opportunity to be part of a historic deal, asserting, “This is the last Boston team that’s going to sell in our lifetimes, and we’re going to have the time of our lives.”
Grousbeck candidly admits that the initial return on their investment was primarily emotional satisfaction, joy, and, at times, the heartbreak of losing games. However, he believes it was a journey worth taking.
The recent acquisition of Jrue Holiday was kept under wraps, with Grousbeck secretly negotiating the trade while dining with Milwaukee Bucks co-owner Wes Edens, who had recently traded Holiday to the Portland Trail Blazers. Grousbeck acknowledges the challenges of parting with players like Malcolm Brogdon and Rob Williams but emphasizes that gaining an All-Star like Jrue Holiday comes at a cost.
During the interview, Grousbeck reflects on his regrets and discusses the relationship between payroll and team achievement. He also highlights the emotional and people-driven nature of the sports business, emphasizing that being a fan is essential to successfully partnering with players, fans, and team partners.
Wyc Grousbeck’s journey from the suburbs of Boston to leading the Boston Celtics serves as an inspiring tale of entrepreneurship, leadership, and the enduring love of the game.
