History Month: Public Ownership of the Celtics

During Red Auerbach’s tenure, the Celtics exemplified stability, despite frequent changes in ownership after Walter Brown’s death in 1964. In 1983, a consortium led by Don Gaston purchased the team for $15 million, later selling 40% of it on the stock exchange in 1986, making it the first publicly traded sports franchise. This IPO generated significant profit for the owners and allowed fans to invest in the team, though it also required public financial disclosure. The favorable tax structure from this arrangement expired in 1998, leading to a complex reorganization of ownership.

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