NBA Approves Celtics Minority Stake For Harrah's Chair & CEO

Loveman To Join Celtics Ownership Group

The Celtics “will soon have a new minority owner” in Harrah’s Chair & CEO Gary Loveman, according to Peter May of the BOSTON GLOBE. NBA Commissioner David Stern had earlier rejected Celtics CEO & Managing Partner Wyc Grousbeck’s proposal for a Loveman ownership stake “because of Loveman’s association with the casino.” Loveman’s stake will be about 2.4%, and May noted any proposal for less than 5% “does not require [BOG] approval.” But the NBA in April formed a Las Vegas committee, and “at Grousbeck’s suggestion, Loveman’s application was forwarded to the committee for a second look.” The committee at a recent BOG meeting “decided to approve the application so long as Loveman removed Celtics games from Harrah’s sportsbooks in Nevada.” Gaming sources said that NBA sportsbook revenues “accounted for less than .1[%] of Harrah’s Nevada gross gaming revenues” in ’06 (BOSTON GLOBE, 11/4).