Holley: Wyc Grousbeck is upset about selling
Last week the news came out that Wyc Grousbeck and the Grousbeck family would be selling their stake in the ownership of the Boston Celtics. On Monday’s Felger and Mazz Michael Holley was in for Felger and he says that he’s heard that Wyc didn’t want to sell the Celtics.
Wyc doesn’t want to sell?
Michael Holley: I’ve heard that he’s not happy. I’m just going to tell you flat out. I’ve heard from an informed person that he’s not happy that the team is being sold because he didn’t want to do it. He didn’t want to do it and that this is coming from…you’re part of a family and if your personal stake is less than 2%, as Shaughnessy wrote, that means sometimes decisions are made that are above your pay grade.
Mazz: So his father wanted out.
Michael Holley: His father wanted to get that thing going. He did not want to do it.
Mark Dondero: Why would he want to, though? I mean.
Michael Holley: Well, I can tell you why. Well, why would he want to? I can understand why he wouldn’t want to. But why would his father want to? Because they put in $360 million in, if that, because they had partners. So let’s say they put in $190 million, their family. $190 million and now the franchise is worth over $5 billion. I don’t care what Forbes says.
Mazz: Michael, whatever they put in they’re getting 15 times that back.
Michael Holley: Yeah. So it’s good business wise. It is a perfect time to sell the Celtics business wise. Competitively, winning a championship, attention wise? OK, no.
Mark Dondero: This guy lives the life right now. He’s living it.
Michael Holley: But think like a business person. A business person would say “ this is the time to sell”.