Golden State Warriors Thrive Under Joe Lacob's Ownership
In 2010, Joe Lacob took a bold step in the realm of professional sports by purchasing the Golden State Warriors for $450 million. Over the past decade, Lacob has not only transformed the franchise but has also overseen the team as they clinched four NBA championships. His leadership has catapulted the team's valuation and established the Warriors as a formidable force in basketball.
"No chance, sorry. That ship sailed a long time ago — a long, long time ago. I'm a Warrior, this is my identity, it's our identity," Lacob affirmed emphatically when asked about his commitment to the organization. "I love what we've done. I love our fans, our arena (and) the last decade, and I just wanna do more. I just wanna create an even longer and even greater legacy for this organization."
One of the crown jewels of Lacob's tenure has been the construction of the Chase Center, a state-of-the-art arena that has become a landmark in San Francisco. Under his vision, the Warriors have not merely focused on performance but also on creating a world-class environment for their fans and players.
Boston Basketball Partners L.L.C.: A New Chapter for the Celtics
Meanwhile, across the country, another significant development is set to unfold for a storied NBA franchise. Boston Basketball Partners L.L.C., the ownership group that acquired the Boston Celtics in 2002 for $360 million, announced their intention to sell their shares. The decision stems from estate and family planning considerations, potentially marking the end of an era for one of the league’s most successful teams.
"Boston Basketball Partners L.L.C., the ownership group of the Boston Celtics, announced today its intention to sell all the shares of the team," read the statement from the ownership group. "The controlling family of the ownership group, after considerable thought and internal discussion, has decided to sell the team for estate and family planning considerations."
The managing board anticipates completing a majority interest sale by 2024 or early 2025, with the remaining shares expected to be sold by 2028. Throughout this transition, Wyc Grousbeck is expected to remain the Governor of the team until the final closing.
Valuation and Financial Outlook
The financial aspect of the Celtics' future is equally compelling. Forbes' October 2023 evaluation placed the team’s worth at an astonishing $4.8 billion, a substantial increase from the $360 million paid in 2002. The player payroll also reflects significant financial commitments, indicating a proactive approach towards maintaining a competitive roster.
Jayson Tatum and Jaylen Brown have both secured lucrative deals, with five-year extensions worth $314 million and $303 million, respectively. Derrick White has also inked a four-year, $125 million extension, ensuring a core of high-caliber talent.
Moreover, the Celtics have bolstered their roster by adding players like Jrue Holiday and Kristaps Porzingis, both commanding annual salaries exceeding $30 million each. These commitments underscore the organization’s willingness to invest heavily in achieving sustained success.
The financial projections for the coming years reflect these commitments. By the 2025-26 season, the Celtics' payroll is expected to surpass $200 million, with the luxury tax bill anticipated to hit an unprecedented $250 million. The total financial outlay for that season could exceed $450 million, highlighting the significant investment in maintaining a championship-caliber team.
As these two high-profile NBA franchises navigate distinct paths, one led by an unwavering commitment to building a legacy and the other by the necessity of estate and family planning, the landscape of professional basketball continues to evolve. Lacob's dedication to the Warriors and the anticipated changes for the Celtics illustrate the dynamic nature of team ownership in the NBA.