Celtics to be sold to Lake Carnegie LLC for $360 million

Boston Celtics LP agreed to
sell its National Basketball Association team to Lake Carnegie LLC
for $360 million, according to a faxed press release from the
company.
Owners of Lake Carnegie include Wycliffe K. Grousbeck, his
father, H. Irving Grousbeck, and Stephen Pagliuca, the release
said.
The new owners would be buying one of North America’s most
successful sports teams. The Celtics have won 16 NBA
championships, more than any other franchise. Last season, the
team lost the Eastern Conference finals to the New Jersey Nets in
its playoff appearance since the 1994-95 season.
“I’ve been a Celtics fan my entire life and I’m very excited
to be part of this team,” Pagliuca, 47, said in an interview.
Pagliuca is managing director of Bain Capital, a Boston-based
private equity and leveraged buyout firm that has backed Staples
Inc. and Domino’s Pizza, among others. Wycliffe Grousbeck is a
partner with Lexington, Massachusetts-based venture capital firm
Highland Capital Partners. Irving Grousbeck, co-founder of
Continental Cablevision Inc., couldn’t be reached because he’s
teaching a class at Stanford University, his assistant at the
school said.
Wycliffe Grousbeck didn’t return a message left at Highland.
A 1983 graduate of Princeton University, where he was on the
rowing team, he started MedWise, a consumer medical information
and research company, before joining Highland in 1995.
Bloomberg News