When the first round of bids are submitted by Jan. 23, the Celtics expect to have received at least four and up to five from investment groups vying to become the next owner of the NBA franchise, according to a source with direct knowledge of the sale process on Thursday.
One of those bidders is a consortium led by current Celtics co-owner Steve Pagliuca.
The Grousbeck family expects the ultimate price to exceed $6 billion.
All members of the bidding groups have been vetted by the NBA.
Identities of the control person leading the other three to four groups remain under wraps.
Besides Pagliuca, current Celtics investor Robert Hale is the only other individual to have publicly expressed his interest in buying the team, as the control person or part of a group.
In a text Thursday, Hale reiterated his interest: “Still hanging around the hoop.”
Mark Bezos, founding partner of HighPost Capital and brother of Amazon founder Jeff Bezos, expressed interest early in the process.
The Grousbecks and the banks advising them will take time to review the bids, a process expected to extend into February. The review will result in a paring of the bidders to two, unless one bid is deemed far superior and meets the family’s expectations.
If it comes down to two, it will be a matter of weeks to perhaps months to conclude the final round of bidding and announce a new owner.
The sale is being conducted in two phases. Assuming the transaction wraps up this spring as expected, the new owner will control 51 percent of the franchise. The remaining 49 percent of the team’s shares will be sold in 2028.
Lead governor Wyc Grousbeck hopes to remain in that role through 2028.
The Celtics announced last July the team was being put up for sale, shortly after the franchise won its 18th NBA championship. The Grousbecks are selling for estate and family planning purposes.
Boston Basketball Partners LLC bought the Celtics 23 years ago for $360 million.
Last fall, Forbes valued the franchise at $6 billion. Last month, Sportico valued it at $5.66 billion.
On Tuesday, the Grousbeck family sent a letter to Celtics shareholders, saying it was pleased with the interest shown from bidders.
