Question I found some stock certificates for the Boston Celtics. I purchased them for my
son's birthday present as he is a Celtics fan. I had filed them away in the 80s.
Are they still good? Can they be redeemed?
Thank you. //don
Answer Hi, Don,
as I wrote in a previous answer, when former owner Paul Gaston sold the Celtics to Wycliffe Grousbeck's local investment group Boston Basketball Partners L.L.C. in September 2002, all the individual owners of stock certificates had to resell their shares back to BBP, as per their agreement with the NBA, once the change of ownership of the team became finalized. I am not sure you can sell your share anymore, but you can try contacting "Boston Basketball Partners L.L.C. (151 Merrimac St. Boston, MA 02114-4714, Phone 617-854-8000, Fax 617-367-4286) and ask them directly what you should do.
Just to give you a hint on the possible stock value, before the deal was made public Celtics stocks closed at 10.60 $ each. But Grousbeck, on behalf of Boston Basketball Partners L.L.C., later stated that the 58,000 unit holders would get 27 $ for each stock.
Of course, as a fan, I would keep the stocks in a frame on my wall, and you possibly could try to scan the market on Ebay to see if there's a Celtics diehard who would pay even more than 27$.
I hope this helps
