BOSTON, Sept 28: The Boston Celtics, 16-time NBA championships winners, are being sold for $360 million to a company led by venture capitalists Wycliffe Grousbeck and Stephen Pagliuca, the company said Friday.

The sale, which is subject to NBA approval, would be the latest ownership change for the Celtics, a team that made history as the first major professional US sports franchise to be publicly traded.

The Celtics were founded in 1946 by Walter Brown, who hired the great Red Auerbach four years later.—Reuters