Vegas on the Horizon? NBA Nears Expansion Decision with Final Bids Under Review
The NBA is nearing a decision on the Las Vegas expansion team, with an estimated $12-13 billion price tag. Three powerhouse bidding groups, including prominent figures like Nancy Walton Laurie, Marc Lasry, Bill Foley, and Jerry Colangelo, are in contention for the franchise, which is targeted for the 2028-29 season.
The National Basketball Association (NBA) is on the verge of selecting the winning bid for an expansion team in Las Vegas, with sources indicating an expected price of at least $12 billion to $13 billion, which includes the franchise and a new arena. The league plans a formal approval process for two expansion teams by the end of December, prioritizing Las Vegas over Seattle for several reasons, including a more competitive bidding market with higher offers and the logistical advantage of developing a new arena in Las Vegas versus Seattle's ready-made Climate Pledge Arena. The NBA is targeting the 2028-29 season for these new expansion teams. Runners-up from the Las Vegas bid process could potentially join the Seattle bidding.
Three prominent groups are vying for ownership. The first group comprises Nancy Walton Laurie, daughter of Walmart co-founder James "Bud" Walton, and her husband, Bill Laurie, a former owner of the NHL's St. Louis Blues. With an estimated net worth of $17 billion and a residence in Henderson, Nevada, a Las Vegas suburb, the Lauries represent significant local interest and financial power.
The second contender is a group led by Canadian billionaire Steve Apostolopoulos and Marc Lasry. Apostolopoulos, who previously considered acquiring the Charlotte Hornets and pursued the NFL's Washington Commanders, aims to build a diverse portfolio across multiple sports leagues. Lasry, the former co-owner of the Milwaukee Bucks, sold his stake in 2023 for $3.5 billion after purchasing the team for $550 million in 2014 and overseeing their 2021 NBA championship win. Lasry, currently the chairman and CEO of Avenue Capital, recently closed its Avenue Sports Fund with over $1 billion committed for investments in sports teams, leagues, and businesses.
The third group is a powerful partnership between Bill Foley and Jerry Colangelo. Foley, the majority owner of the NHL's Vegas Golden Knights and England's AFC Bournemouth, initially expressed interest in bringing an NBA team to Las Vegas in June. Colangelo, a Basketball Hall of Famer, former owner of the Phoenix Suns, and a four-time NBA Executive of the Year, announced his entry into the bidding with his Las Vegas Jacks group in July. The two groups decided to combine forces four months ago, leveraging Foley's deep ties to the city, the Jacks' plans for a new arena, and their collective relationships with key league stakeholders. While Foley initially suggested T-Mobile Arena, sources now confirm that a new arena will be constructed if the Colangelo-Foley group secures the bid. The Jacks group also includes former Turner Sports president David Levy, managing partner Scott Colangelo, and former NBA players and coaches Vinny Del Negro and Jay Williams. Jerry Colangelo notably served as managing director of USA Basketball from 2005 to 2021, leading the program to four Olympic gold medals, and has chaired the Naismith Memorial Basketball Hall of Fame since 2009.