Celtics owner in race for Kennedy seat

By Frank Phillips, Globe Staff

Stephen G. Pagliuca, a wealthy private equity investor and co-owner of the Boston Celtics, has decided to jump into the Democratic primary race for Edward M. Kennedy's Senate seat, according to advisers, giving the field a third major candidate and one with the personal financial resources to make himself highly competitive.

Pagliuca, who over the past two weeks has reached out to political and civic leaders seeking their advice, made the final decision last night after consulting with his family, advisers said. He has spent the past few days assembling a campaign team and plans to make a formal announcement at 3 p.m. tomorrow at the TD Garden.

His entry in the Democratic primary race promises to have a major impact on the contest, given his ability to use his wealth -- estimated at around $400 million -- to dominate the airwaves and build a formidable political operation. He will face Attorney General Martha Coakley, who is already in, and US Representative Michael Capuano of Somerville, who plans to formally announce Friday.

But Pagliuca, who has also put in a bid to buy the Globe, is untested in the political arena, and it is not clear how he will perform at public forums and in retail politics.

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.