Boston Celtics minority owner Jim Pallotta is selling his share of the NBA franchise, Sportico reported Friday.
Three people familiar with the deal said Pallotta is selling his 8 percent stake to current Celtics managing partner and executive committee member Steve Pagliuca.
The Celtics are worth $3.1 billion, according to Forbes. Pagliuca is purchasing Pallotta’s stake at a $2.8 billion valuation, per the report.
“Minority stakes of sports teams are routinely sold at a discount of 10-30 percent because they often don’t come with control or voting rights, as is the case with Pallotta’s stake,” Sportico reported.
Sportico granted anonymity to its sources because the sale has not yet been approved by the league.
Pallotta declined to comment when reached via email by Sportico, and Pagliuca did not return an email seeking comment.
Earlier this month, the 62-year-old Pallotta sold his majority stake in Italian Serie A soccer club AS Roma to U.S. billionaire Dan Freidkin for a reported $700 million.