If you have a hard time reaching dealmakers at Bain Capital LLC, Highland Capital Partners or other Boston buyout and venture capital firms Wednesday, that's because they likely had a late night celebrating the Celtics' 17th NBA championship.
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The storied Boston NBA franchise is owned by a half dozen Boston dealmakers, who bought the team for $360 million in 2003. Included in the ownership group is Bain Capital managing director Stephen Pagliuca; Wycliffe Grousbeck, a general partner in Highland Capital Partners; and his father, H. Irving Grousbeck, a former cable executive. Other members of the group include real estate dealmakers Robert Epstein, David Epstein and John Svenson of the Abbey Group.
The first few years of ownerhsip were rough, culminating in a 24-58 season in 2007. But the dealmakers continued to support general manager Danny Ainge, who happened to be part of the 1980s Larry Bird dynasty. Rather than trading veteran Paul Pierce to turn things around last summer, Ainge instead acquired a mix of known talent (Ray Allen and Kevin Garnett) and youth to help Pierce, who will now likely see his jersey hanging along side banner 17 rather than being recycled.
Owning a sports franchise isn't necessarily about making money. More often, it's about moments like last night when around midnight NBA head David Stern could be seen on ABC handing the Larry O'Brien Championship Trophy to Wyc Grousbeck. Other members of the ownership group could be seen celebrating along with coach Doc Rivers behind him. It wouldn't be a stretch to believe he was enjoying some Cristal with Garnett, Pierce and others later that night. And maybe, a stogy in honor of Red. - Matthew Wurtzel
(Full disclosure: Matt is an insufferable Boston sports fan, and native son of Massachusetts. - The editors)
For another deal reporter's take on the Celtics championship, see peHUB
Also, see The Deal's basketball Dealwatch
