Darren Rovell of ESPN reports that the Boston Celtics are beginning work on a new practice facility that will take nearly two years to build:
The facility will be about a 15-minute drive away from the team’s home arena, the TD BankNorth Garden. Mark D’Amico of Celtics.com has reported further details about what the team’s new facility will entail:
The facility will continue to enhance the value of the franchise that was purchased by Wyc Grousbeck in 2002 for $360 million. Forbes calculates that, as of this January, the Celtics were worth $2.1 billion as a franchise. That makes Boston the fourth-most-valuable NBA franchise, trailing three teams who play in much larger markets: the Chicago Bulls, Los Angeles Lakers, and New York Knicks.
Boston’s multi-year rebuilding plan — which is not the first one executed by General Manager Danny Ainge — should have transformed the team into a championship contender by 2018. Boston ended this season with a respectable 48-34 record even though the team has not yet cashed in many of the assets they’ve hoarded as part of their rebuilding process. In addition to having considerable available cap space this summer, Boston also has three first-round draft picks, including the unprotected Brooklyn Nets selection that will be very high in the lottery.
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