Celtics co-owner formally announces run for Kennedy seat

By Frank Phillips, Globe Staff

Stephen G. Pagliuca, a wealthy private equity investor and co-owner of the Boston Celtics, jumped today into the race for the US Senate seat of the late Edward M. Kennedy, announcing his campaign at at the TD Garden, home of the Celtics.

Pagliuca said he wanted to go to Washington to continue Kennedy's work and fulfill his vision.

"I pledge to honor him with a campaign that focuses on making it possible for more and more of our fellow citizens to realize the American dream," he said in the announcement at the Legends Club, where he was joined by two of his four sons and his wife, Judy.

Pagliuca, a political novice, will face Attorney General Martha Coakley, who is already in, and US Representative Michael Capuano of Somerville, who plans to make a formal announcement Friday, in the Democratic primary. Alan Khazei, co-founder of City Year and a well-known advocate of national service, is also considering a run.

Pagliuca's entry into the Democratic primary race promises to have a major impact, given his ability to use his wealth – estimated at $400 million – to dominate the airwaves and build his political operation.

But he is little known. A poll released Wednesday found that nearly three-quarters of those surveyed had never heard of him, compared with only about a tenth who did not know who Coakley was.

Scott Brown, a Republican state senator from Wrentham, is the leading candidate on the Republican side.

Pagliuca, who over the past two weeks has reached out to political and civic leaders seeking their advice, made the final decision Tuesday night after consulting with his family, advisers said.

Advisers say Pagliuca is a progressive Democrat who embraces Kennedy's political values, but he will likely face tough questions about his business ventures and his campaign contributions to Republican politicians such as Mitt Romney, a colleague from the financial world.