NBA Poised to Announce Las Vegas Expansion Team in Near Future
The league is reportedly close to selecting a winning bid for a new franchise, valued between $12 billion and $13 billion.
The National Basketball Association (NBA) is nearing a decision on awarding an expansion team to Las Vegas, with the league expected to select a winning bid "in the very near future," according to reports.
The franchise and a new arena are anticipated to command a price tag between $12 billion and $13 billion. Three finalist groups have emerged in the bidding process: one led by Nancy Walton Laurie and Bill Laurie, another by Steve Apostolopoulos and Marc Lasry, and a third by Bill Foley and Jerry Colangelo.
The NBA plans to conduct an official approval process for two expansion teams by the end of December, but the Las Vegas team is expected to be finalized before any potential expansion in Seattle. Las Vegas has garnered more active bidding with higher offers, according to ESPN.
In Seattle, the existing Climate Pledge Arena provides a ready venue for a new team, potentially influencing the league's timeline. There is also speculation that unsuccessful bidders for the Las Vegas franchise may express interest in joining the efforts to bring a team to Seattle.
Nancy Walton Laurie, daughter of Walmart co-founder James “Bud” Walton, and her husband Bill Laurie, former owner of the NHL's St. Louis Blues, reside near Las Vegas and possess an estimated net worth of $17 billion. Steve Apostolopoulos, a Canadian billionaire, previously showed interest in purchasing the Charlotte Hornets and the Washington Commanders before their respective sales.
Marc Lasry is the former co-owner of the Milwaukee Bucks, having sold his stake in the franchise to Jimmy and Dee Haslam at a $3.5 billion valuation. Jerry Colangelo, the former owner of the Phoenix Suns, has partnered with Bill Foley, whose Las Vegas Jacks group has plans for a new arena and established relationships within the league.