The Boston Celtics aren’t going anywhere. The franchise recently extended its lease into the year 2036 at TD Garden, where it has played since the building opened in 1995. The arena is owned by Delaware North, which is led by chairman and Bruins owner Jeremy Jacobs.
“We’ve built a partnership with the Jacobs family,” Celtics owner Wyc Grousbeck said during a Sportico event Tuesday. “It’s a real partnership.”
A TD Garden spokesperson confirmed the deal. Financial terms of the 15-year renewal were not announced.
The Celtics’ lease was set to expire following this season at the conclusion of a 15-year deal signed in 2006. “This long-term lease extension represents the next step in an even closer working relationship between Delaware North Companies and the Celtics,” Delaware North’s then-EVP Charlie Jacobs said at the time that deal was signed. Delaware North announced a $100 million renovation project in 2018. A Bruins official did not respond to a request for comment by press time.
The Celtics made themselves even more at home a year ago, signing a lease for new office space at a Delaware North-owned Hub on Causeway building offering direct access to the arena.
With tax revenue down across municipalities in 2020, economists expect a tougher market for teams looking for public investment in new buildings.
While the Celtics ranked fifth in Sportico’s NBA Valuations, they were 14th in team-related business and real estate holdings. Two other high-profile clubs, the Golden State Warriors and Los Angeles Clippers, have recently invested in arenas of their own, but Celtics leadership seems comfortable playing in the same neighborhood the 17-time champions have called home since 1955.
“This is where we’re going to stay,” Grousbeck said.