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Buy low, sell high.
That seems to be the strategy at work in recent sales of NBA teams, the most recent being the storied Boston Celtics. The club’s ownership group, Boston Basketball Partners L.L.C., announced today its “intention to sell all the shares of the team.”
The sale is likely to set a record for an NBA franchise.
The announcement comes just weeks after the Celtics won a record 18th NBA Championship. It also comes just hours after the team locked in the core players who won that championship, including Jayson Taytum, who got the largest contract in league history today (a five-year, $315 million deal) and Derek White (a four-year, $125.9 million extension).
In fact, many observers say the league has never been this stacked, talent-wise, with foreign players expanding the talent pool and a potential must-see prodigy now attached to one of the league’s flagship franchises after 20-year-old (and 7’6″) Frenchman Victor Wembanyama signed with the San Antonio Spurs.
Also fortuitous: The NBA is on the cusp of what should be it’s biggest media rights deal ever, thought to be worth about $76 billion. That deal is expected by many to be the peak of such agreements for the league, with subsequent deal totals declining. It is further expected to be coupled with exorbitant expansion fees in coming years as the league looks to expand its number of teams. Those fees are shared among owners of existing franchises. The last NBA media rights deal had a nine-year term. The upcoming agreement is expected to be along those lines, time wise.
Case in point is the team the Celtics beat last month to win the championship. Dallas Mavericks owner Mark Cuban — no slouch himself at the art of “buy low, sell high” — received approval in December to sell the team for about $3.5 billion. That’s a cool $3-plus billion over his purchase price and Cuban will reportedly retain 27% of the team and may well retain control of basketball operations.
According to Yahoo Sports, Cuban has expressed concern that the broadcast deal after this one (likely after 2030) could fall victim to the sports broadcast rights bubble bursting.
The record valuation for an NBA team is the $4 billion Matt Ishbia agreed to in 2022 for the Phoenix Suns. While Phoenix is a hot market with and has a good roster, it doesn’t come close to the reigning champs, who have better players from top to bottom, a rabid fan base and arguably the greatest lore of any team in the league.
Sources cited by Sports Business Journal “suspect the team could sell for well above $5B, after Forbes valued the franchise at $4.7B in 2023.”
Boston Basketball Partners LLC said the sale is being made “for estate and family planning considerations. The managing board expects to sell a majority interest in 2024 or early 2025, with the balance closing in 2028.”
This time, the people marched in resistance to the harsh treatment of immigrants by the Trump administration.
“We descend from Immigrants and Revolutionaries,” read a battle cry beamed onto the side of the brick meeting house Tuesday.
“The society that stops seeing the people at the grocery line or the people that ride the bus with us, as human beings with beating hearts, then it’s not far off before our society devolves into no society at all,” Gilberto Calderin, director of advocacy at the Massachusetts Immigrant and Refugee Advocacy Coalition said to the crowd of hundreds.
The protest was organized by activist groups Boston Indivisible and Mass 50501, and began at the Irish Famine Memorial Plaza, just steps from the meeting house.
The lively crowd held up signs, waved American flags, and chanted during the march along Milk Street and Congress Street to the harbor.
Janet England of Brighton held a sign that read, “Democracy Needs Courage.”
The protesters, she said are “true patriots because we want freedom and democracy.”
“Although protest is a long game, we can’t give up. If you think about women’s suffrage, gay rights, the civil rights movement, it took years, but we just can’t give up,” she said.
Gloria Krusemeyer, from Alrington, used a walker to join the march.
“I’m irritated that I haven’t done more, and I’m just lucky that I can walk fast enough to be doing this,” she said.
Rick Mueller, from Cambridge, was dressed as Uncle Sam and held a large sign that read, “Liberty and Justice For All.”
“We’re fighting for America, so I’m gonna be America,” he said of his costume.
He handed small American flags out to protesters who waved them enthusiastically.
Ice dumping duties was limited to volunteers and select people.
Among them was Sarah, a mother who brought her 4-year-old daughter, Fiona.
Sarah declined to share her last name for her daughter’s safety.
After throwing ice into the harbor, Fiona shyly said that she wanted to come to the protest to “help families stay together.”
Through tears, Sarah said her decision to bring along Fiona came from wanting to teach her daughter to care about people from all walks of life.
“Kindness and compassion are things we learn in kindergarten and she will be in kindergarten so it’s really important for her to be kind and compassionate,” Sarah said, kissing her daughter’s check.
Likewise, Sara Sievers, from Cambridge, brought her parents, sister, her nephews and niece to dump ice.
“I think this is one of the most brutal regimes we’ve had in this country, and I want my niece and nephew to remember that it’s important to protest, and that we in Boston are part of a proud tradition of dumping things into the harbor with which we disagree,” Sievers said.
The family wore costumes of historical figures including Abigail Adams, Thomas Jefferson, and King Charles.
As the protest came to a close, Martha Laposata, spokesperson for Boston Indivisible said she wanted protestors to walk away knowing their voices matter.
“We cannot stand down,” Laposata said. “When people rise up against an authoritarian government, if they stay consistent and they keep growing, ultimately an authoritarian government will stand down.”
Camille Bugayong can be reached at camille.bugayong@globe.com.
Crime
An MIT professor was shot and killed in Brookline on Monday night.
Brookline police responded a report of a man shot in his home on Gibbs Street, according to the Norfolk County District Attorney’s Office.
Nuno F.G. Loureiro, 47, was transported to a local hospital and was pronounced dead on Tuesday morning, the DA says.
Loureiro was the director of MIT’s Plasma Science and Fusion Center and a professor of nuclear science and engineering and physics. Originally from Portugal, the Portuguese Minister of Foreign Affairs announced his death in a regulatory hearing before the Committee on Foreign Affairs and Portuguese Communities on Tuesday, according to CNN.
“Sadly, I can confirm that Professor Nuno Loureiro, who died early this morning, was a current MIT faculty member in the departments of Nuclear Science & Engineering and Physics, as well as the Director of MIT’s Plasma Science and Fusion Center. Our deepest sympathies are with his family, students, colleagues, and all those who are grieving,” an MIT spokesperson wrote in a statement.
In January, Loureiro was honored as one of nearly 400 scientists and engineers with the Presidential Early Career Award for Scientists and Engineers from former president Joe Biden.
The investigation into the homicide remains ongoing. No further information was released.
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A man was hospitalized after being shot Monday night in Brookline, Massachusetts.
The shooting happened on Gibbs Street. There was a large police presence at the scene.
The victim was brought to Beth Israel Deaconess Medical Center in Boston. His condition was not known.
Police said the victim was shot three times and grazed by another round.
Authorities did not say if any arrests had been made.
No further information was immediately available.
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