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CELTS SHARES GO FOR LESS THAN MARKET VALUE
Published August 31, 1995
Alan Cohen sold his estimated 11% share in the Celtics back to the Boston celtics Limited Partnership yesterday in a deal worth about $16.3M. Cohen's 758,444 shares were sold at around $21.50/share, below yesterday's closing price for Celtics stock of $24 1/8/share. Cohen had been involved in team matters and was "the driving force" behind the purchase of Boston's Channel 25 and Larry Bird's final contract. However, he ceased regular involvement after a falling out with partner Paul Gaston in '93 (BOSTON GLOBE, 8/31). Cohen was part of a group that bought the Celtics for $15M in '83. The deal was a private transaction (BOSTON HERALD, 8/31).