NBA Expansion to Las Vegas: Tycoons Vie for $13 Billion Franchise
Multiple high-profile figures, including a Walmart heiress and a former Milwaukee Bucks co-owner, are reportedly among the finalists in the bidding war for a new Las Vegas NBA team.
The National Basketball Association is advancing its plans to establish a new franchise in Las Vegas, with a bidding process for ownership reportedly nearing a decision. The expected cost for the expansion team is between $12 billion and $13 billion.
League owners voted in March to explore expansion by adding franchises in Las Vegas and Seattle. A formal approval process for these two expansion teams is anticipated by the end of December, with the 2028-29 NBA season being the target for their debut.
Three finalist groups have emerged in the race to own the Las Vegas team. One of the groups includes Nancy Walton Laurie, heiress to the Walmart fortune, and her husband Bill Laurie. Nancy Walton Laurie's net worth is estimated at $17.2 billion, according to Forbes. The couple previously owned the NHL's St. Louis Blues from 1999 to 2011 and have made previous attempts to acquire NBA franchises.
Another contender is a bid led by Canadian billionaire Steve Apostolopoulos, who has expressed a desire to build a diverse sports portfolio. Apostolopoulos has partnered with Marc Lasry, the former co-owner of the Milwaukee Bucks from 2014 to 2023. Lasry also recently launched a women's sports investment fund and has invested in TGL, a golf league.
The third group vying for the franchise is a partnership between Bill Foley and Jerry Colangelo. Foley, chairman of multiple financial companies, successfully brought the NHL's Vegas Golden Knights to the city, which went on to win the Stanley Cup in 2023. He also owns an indoor football team in Las Vegas and several soccer teams, including England's AFC Bournemouth. Colangelo, a prominent figure in basketball, was the director of the U.S. men's basketball team during its 2008 Olympic gold medal run. He has extensive experience in sports ownership and management, having previously owned the Phoenix Suns, Phoenix Mercury, and Arizona Diamondbacks.
While Foley indicated the team might play at his existing T-Mobile Arena, reports suggest a new arena would be constructed regardless of the winning bid. The NBA is expected to announce its decision on the expansion teams in the near future.