Boston, MA (My Sportsbook) - Boston Basketball Partners, a local private investment group, has announced the signing of an agreement to buy the Boston Celtics reportedly for $360 million.

The group acquiring the Celtics include venture capitalists Wycliffe K. Grousbeck of Highland Capital Partners and Stephen Pagliuca, a managing director of Bain Capital. The group also includes Grousbeck's father, H. Irving, who made his money with Continental Cablevision.

The NBA still must approve of the sale.

"We are delighted to reach this agreement, but we fully understand that nobody really owns the Celtics except the people and basketball fans of Boston, the State of Massachusetts and New England," said Wyc Grousbeck. "As long-time community residents and Celtics fans, our goal is to build on the success that has already been achieved by the team's strong management, coaching staff and players. We look forward to years of involvement with one of the greatest sports teams ever."

Approximately 51 percent of the Celtics are controlled by Paul Gaston, son of Donald F. Gaston, who bought the team from Harry Mangurian in August, 1983.

The Celtics have won 16 NBA championships, but have not captured a league title since 1986.

This is the second Boston team to be sold this year, as the Red Sox were bought by a group led by John Henry for $700 million.