Accounting in the sports world with Patrick Lynch of the Boston Celtics

On this episode of Controllers Classified, host Erik Zhou welcomes Patrick Lynch, Senior Vice President and Controller of the Boston Celtics, who shares his journey from ball boy to financial leader for the team. Patrick highlights the milestones of his career, including his transition from an internship to working closely with the CFO, and the significant growth of the Celtics organization. He also imparts wisdom on how to seize career advancement opportunities and offers advice for those aiming to enter the sports industry.The discussion then does a deep dive into the world of accounting and finance for sports teams. Patrick shares his goals for the upcoming year - accurate reporting, cash management, and cost efficiencies - and then details why those things specifically matter in the sports industry. For example, while a private company, the Celtics are subject to several reporting requirements as a part of the NBA, and Patrick’s team is responsible for the integrity & synthesis of that data. Similarly, the Celtics cash flow reflects the cycle of seasons, and Patrick’s team is focused on managing the ebbs and flows. Finally, Patrick shares how he harnesses the power of technology to handle copious amounts of data, reduce manual work, and establish real time visibility. His goal in all of this is two fold - to give his team more time to do strategic work and to empower employees across the Celtics organization to be able to spend on things that will move the business forward. The episode concludes with Patrick sharing an industry story related to an auditor’s stadium walkaround. Listen now to get an exciting in-depth look at how the accounting & finance team plays a huge role in the success of the Celtics franchise. Key Quotes“I started full time at the Celtics in 2001. Prior to that, I was a ball boy in the 90s. And that is where it all began - I was rebounding for some of the greats.”“We all watch and enjoy the sports world but to think about it from a business perspective is pretty interesting.”“Our goals for this year: accurate reporting, cash management, and improving cost efficiency.”“We’re always looking at ways to be more efficient - ways to look at our costs, understand what’s our most expensive expenses and how can we make improvements in those areas?”“We’re doing less of the accounting these days and more of the FP&A because we’re relying on tech to do the day-to-day accounting for us.”“I want that group to feel empowered - to do their traveling, meet with customers, meet with clients, entertain customers. In prior years, it has been review and analysis on the back end, once the transactions have happened. But now we’re trying to get out in front of it.”Time Stamps(00:18) From ball boy to controller for the Celtics(06:27) Breaking into the sports world(8:20) Setting priorities in 2024(10:18) Using tech to stay accurate(17:53) Empowering Celtics’ employees to spend strategically(22:15) Reporting requirements in the sports world(26:08) Owning vs. renting a sports arena(27:35) Accounting for player compensation(31:00) Controllers are fun tooLinksVisit the Boston CelticsConnect with ErikVisit Brex