Published on: September 11, 2024, 11:32h.
Last modified on: September 11, 2024, 11:54h.
The Boston Celtics, current NBA champions, are up for sale with potential buyers including Wynn Resorts (NASDAQ: WYNN) and Steve Wynn, the founder of the gaming company.
During a recent episode of “The Greg Hill Show,” Boston sports talk radio host Courtney Cox mentioned three final contenders interested in purchasing the Celtics: Jeff Bezos, the founder of Amazon, Sam Kennedy, President of the Boston Red Sox, and Encore Boston Harbor – Wynn’s sole US casino hotel outside of Vegas. The facility holds the state’s first sportsbook license.
If Kennedy were to be involved, it could suggest Fenway Sports Group – owners of the Red Sox and the Pittsburgh Penguins among other sports franchises – will make a bid.
Bezos’ interest in the Celtics isn’t surprising given his long-standing desire to own a professional sports team. Last year, he was amongst bidders for the NFL’s Washington Commanders but was outbid by another group.
Probability of Wynn Resorts Buying the Celtics
The source referenced by Cox isn’t local to Boston, and Wynn has made no comments about any potential interest in acquiring the Celtics or any other pro team.
Financially, purchasing the historic NBA team could be a significant burden for Wynn, especially while the company is working on potentially the first casino resort in the UAE and pursuing a gaming license in NYC. The Celtics are valued at around $4.7 billion, making them the fourth most valuable team in the NBA, exceeding half of Wynn’s current market capitalization of $8.29 billion.
Rumors of the gaming company considering a bid for the team may be tied to their plans for expanding Encore Boston Harbor and the region around it. There have been talks of including a new arena for the Celtics and the Boston Bruins if approved. There have also been discussions about relocating the basketball team’s offices to Everett.
As for the NBA’s stance on team ownership with gaming connections, there shouldn’t be an issue. Houston Rockets’ owner Tilman Fertitta is from Golden Nugget, and recently, Dr. Miriam Adelson and Patrick Adelson took majority control of the Dallas Mavericks. Adelson is the largest shareholder of Las Vegas Sands (NYSE: LVS), and Dumont is the president and COO of the gaming company.
Unlikelihood of Steve Wynn as a Bidder
Steve Wynn, originally from Connecticut, is a native of New England and possibly a Celtics fan. However, as of now, his potential involvement in acquiring the Celtics seems to be just speculation.
At 82 years old and with a net worth of $3.7 billion, it’s likely he would have to take on substantial debt to meet the Celtics’ asking price, expected to set an NBA record. Additionally, Wynn is no longer associated with the gaming company bearing his name.
If the sale price for the Celtics were to approach $5 billion, it might be too expensive for Wynn, but easily affordable for Bezos. One of the wealthiest individuals globally, Bezos is estimated to be worth $190.4 billion.