Funny, but I noticed that Wyc is in the bottom third of NBA owners in terms of new worth; his is projected at about $450 mm. He really has to think about the luxury tax. He claims he is willing to pay it for a team that will contend for the championship, but I worry that he will always reject any such trade that takes us into the tax on that basis. It's hard to prove you will win a championship before you win it.
Someone like Jeannie Buss, who has similar net worth, is unaffected since her team and city is a destination for players. Boston is not. We need some rich billionaire to buy the team. I feel Wyc has become too poor!!
As an aside, I wonder about the accuracy of stuff like this. Wyc’s net worth has been estimated at between $400 and $450 million since he bought the team. I don’t buy that at all, particularly with the team being extremely profitable and it’s valuation rising by over $2.8 billion.
Check out the yearly profits:
https://www.statista.com/statistics/286033/operating-income-of-the-boston-celtics-national-basketball-association/
The franchise is valued at $3.2 billion, after Wyc purchased it for 360 million.
Either he is the worst business person in the world in his other endeavors, or his net worth is massively undervalued.
Yes, it is probably undervalued, but my real point is that Wyc does not appear to be among the 20 wealthiest owners in the league. Structuring a team with payroll likely to trigger repeater luxury tax is something he is less likely to take a risk on than the guys at the top. In other words Danny is probably constrained from executing any such trades.
Now this is an interesting topic, what is the actual net worth of Celtics ownership?
I think one mistake would be putting it all on Wyc. Anybody know what his actual share is? His Wikipedia entry lists him as majority owner, but that doesn't appear to actually be sourced anywhere.
Wikipedia also lists several owners with a stake in the group. Do the owners all have similar stakes or maybe Wyc and a couple of other people own 90% of the shares, while several other people have much smaller stakes? Either way, here's some net worths I could find through a quick web search for people listed as part of the Celtics' ownership group:
Stephen Pagliuca -
$3.86B, up from
$410m in 2006.
Matt S Levin -
$1.67bDavid Bonderman -
$4bJim Breyer -
$2.5bJames Pallotta -
$1bGlenn Hutchins -
$3bPaul Edgerley -
$5.51bTaking an educated guess, I would imagine Wyc's net worth has to be around $2-4b (similar to Paglica's growth from around when they bought the Celtics). The combined net worth of those I could find surpasses $20b total. Of course total combined net worth doesn't matter if the wealthiest people own the smallest stakes, but just to get an idea. I don't think the overall ownership group is hurting for cash.
Also have to wonder how the ownership structure works. As CEO, I'm sure Wyc has some authority, but what are the rules/guidelines for how it all works. Do expenses over $x have to be approved by the board, a 3/4 vote, all members. etc. what kind of vote is required? Does this act as a restriction and actually hinder Wyc? Or does he have a super ton of lee way? Probably all depends on how much of the Celtics he actually owns.
Topic: If Wyc didn’t care about the luxury tax trade (Read 5903 times)