Celtic's Co-Owner Stephen Pagliuca Running for Kennedy's Senate Seat

Boston Celtics co-owner and wealthy private equity investor, Stephen G. Pagliuca will seek the late Sen. Edward M. Kennedy's vacant Massachusetts senate seat, FOX News learned.

Sources say he has hired Doug Rubin -- who helped Gov. Deval Patrick get elected -- to run his campaign.

The Democrat is self-financing his campaign for $20 million.

Sources tell FOX his run has been under development for a year, and until now, was considered one of the best kept secrets in Massachusetts politics.

The Boston Globe reported Monday evening that Pagliuca is organizing a staff of political, media and policy experts.

"We're putting a staff together so we can hit the ground running," said one unidentified adviser told the Globe.

A formal announcement could come as early as next week.

Click here to read more on this story from the Boston Globe.