The Celtics May Have A Buyer
Boston Celtics owner Don Gaston, stung by bad investments in Boston radio and television, needs an assist. So he has hired Morgan Stanley to drum up buyers for the stations--and the Celts. Now, Morgan has found a live prospect. BUSINESS WEEK has learned that Delaware North, owner of the National Hockey League's Boston Bruins and the Boston Garden--home arena to the Celts and the Bruins--is looking over the Celtics' books.
Owning the Celtics could help Delaware North find financing for a new, 18,000-seat Boston Garden. The credit crunch has stymied plans until now, but if Delaware grabs the Celtics, it would also take a larger share of the $21 million in annual income from a new Garden's luxury boxes. That might be just what lenders need to approve a loan.
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