On this day in Boston Celtics history, an investment group headed by Wycliffe K. Grousbeck, of Highland Capital Partners, and Stephen Pagliuca, managing director of Bain Capital, began the process of buying the Boston Celtics from the Gaston family in 2002.
The sale had been announced by Paul Gaston, whose father Donald purchased the team in 1983 for $18 million. Grousbeck, Pagliuca, and partners purchased the team for $360 million 19 years later. Pagliuca and Grousbeck described themselves as lifelong fans of the franchise, and the latter was extremely excited about the purchase of the team.
So much so that he said he felt “like the tooth fairy” had visited him, at the time according to the New York Times’ Fox Butterfield.