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Celtic partners announce loss of $4 million
By Peter May, Globe Staff, 9/22/2001
The Boston Celtics Limited Partnership yesterday announced losses of more
than $4 million. Don't blame Kenny Anderson or Vitaly Potapenko, however.
The basketball team did just fine financially, making a profit of around $9
million.
''I'd say that's a sign of a healthy team,'' said Rich Pond, the Celtics'
chief financial officer. ''As you know, we try and balance things as best as
we can.''
The losses were due to expenses running the public company, which owns about
48 percent of the team.
The losses there were from a restructuring of ownership and the payment of a
state sales tax from the sale of WFXT-TV (Ch. 25).
Pond said the biggest problem in the public company is servicing the unit
holders. The Celtics have 50,000 of them who own 10 or fewer shares. He said
the ownership restructuring was designed to cut costs in that area.
The resignation of Celtics coach Rick Pitino certainly didn't hurt the
bottom line. Pitino left in January, a savings of more than $20 million over
the course of his 10-year deal with the team. The team did see a decline in
ticket revenue - down $3 million to $36 million - but that was offset by a
rise in revenue from broadcasting.
PETER MAY
This story ran on page G2 of the Boston Globe on 9/22/2001.
) Copyright 2001 Globe Newspaper Company.


on 9/22/01 12:47 AM, celtssteve at clubs-mail@yahoo-inc.com wrote:


Celtics partnership reports loss
Associated Press
as of 9/21/01 19:10EST

BOSTON -- The Boston Celtics Limited Partnership reported more than $4
million in losses Friday for the fiscal year ending June 30.

The partnership, which indirectly owns 48.3 percent of the NBA franchise,
said it lost $4.1 million, or $1.27 per unit, compared to a loss of $3.3
million, or $1.23 per unit, in the previous year.

Chief executive officer Richard Pond attributed the losses to $2.3 million
in one-time costs, including the restructuring of club ownership and a state
sales tax payment from the sale of WFXT-TV.

Celtics shares closed trading Friday at $9.40 per share.

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