On this day in Boston Celtics history, the Boston Basketball Partners, L.L.C. announced that they had completed the purchase of the Celtics NBA basketball franchise from the previous owners in 2002.
Boston Basketball Partners is an investment firm made up of a managing board comprised of Wyc Grousbeck, H. Irving Grousbeck, Stephen Pagliuca, and The Abbey Group (consisting of Robert Epstein, Paul Edgerley, Glenn Hutchins, and James Pallotta), who together purchased the team from owner Paul Gaston. Previously announced on September 27th that the partners would purchase the team pending NBA approval, the investment group issued a press release formally announcing the transfer of the club.
“We are extremely excited to be a part of the glory and tradition that is the Boston Celtics,” related Managing Partner H. Irving Grousbeck via the Celtics.