EXHIBIT 99.1

                     BOSTON CELTICS TEAM TO BE ACQUIRED

BOSTON, Massachusetts--(BUSINESS WIRE)-September 27, 2002- Boston Celtics
Limited Partnership (NYSE, BOS) today announced that Celtics Basketball
L.P., its 48.3% owned, indirect subsidiary, has entered into a definitive
agreement with Lake Carnegie, LLC under which Lake Carnegie will acquire
from Celtics Basketball L.P. all of the assets and liabilities relating to
the Boston Celtics Basketball team of the National Basketball Association.
Principals of Lake Carnegie include Wycliffe K. Grousbeck, H. Irving
Grousbeck and Stephen Pagliuca.

      Under the terms of the agreement, Lake Carnegie will pay to Celtics
Basketball L.P. an aggregate amount of $360 million in cash consideration
for team assets (of which $50 million will be used to pay outstanding bank
borrowings) and will assume the liabilities relating to the team.  The
transaction is subject to National Basketball Association approval and
customary closing conditions.

      Upon receipt of its proportionate share of the net proceeds, Boston
Celtics Limited Partnership ("BCLP") and its subsidiaries anticipate
pursuing a course of action that would result in a cash benefit to BCLP
unit holders, after payment of taxes (including federal and state income
taxes) and expenses, and provision for other liabilities (including a
reserve for contingent liabilities and subordinated debentures).  The
timing and amount of any such cash benefit to BCLP unit holders has not yet
been determined.

      Shareholders and investors are advised that statements contained in
this press release that are not historical facts are forward looking
statements as that term is defined in the Private Securities Litigation
Reform Act of 1995.  These forward-looking statements are based largely on
expectations and are subject to a number of risks and uncertainties.
Specifically, closing of the acquisition will remain contingent upon the
satisfaction of a number of conditions to closing, including consent or
approval by the National Basketball Association.