Jim Pallotta will sell his 8% share of the Celtics, sources tell Scott Soshnick of Sportico. Three people confirmed the planned deal, which hasn’t yet been approved the NBA.
Pallotta’s stake will be purchased by Steve Pagliuca, a managing partner and executive committee member of the Celtics. Pagliuca is among the team’s majority stakeholders, along with Wyc Grousbeck.
A managing director at Bain Capital, Pagliuca will acquire the share at a $2.8 billion valuation, according to Soshnick. The Celtics’ value was listed at $3.1 billion in the latest estimate by Forbes, but sales of minority stakes in teams usually come at a 10-30% discount, Soshnick explains, because they don’t include control or voting rights.
Pallotta recently sold AS Roma, a Serie A soccer team, which his group purchased in 2011. The sale came after his unsuccessful attempt to get a new stadium.
I’ve been a Celtics fan for quite some time and only ever say Steve and Wyc courtside.