NBA Commissioner Adam Silver confirmed this week that the league is actively reviewing expansion bids for Seattle and Las Vegas. While multiple groups have presented plans to bankers, most remain private. The league aims to finalize its evaluation of potential ownership groups and market economics by year’s end.
Expansion Process and Ownership Interest
The path toward a 32-team NBA remains open but uncommitted. Following a March vote by the Board of Governors to explore growth, the league has engaged investment bank PJT Partners to analyze the economic feasibility of adding teams in Seattle and Las Vegas. Commissioner Adam Silver noted during meetings in Las Vegas that while public interest has been concentrated on a few high-profile names, the reality of the bidding process is far more crowded.
Most of the groups that are interested have not been public, and that’s any group that’s chosen to be public; that’s their decision,
Silver said. So, I wouldn’t conclude that because there aren’t other public groups coming forward, that therefore there isn’t any other interest in Seattle. There is. I would also say the same in Las Vegas.
Silver emphasized that the league is evaluating more than just the capital offered; the composition of the ownership groups and their vision for venue operations remain central to the review.
Seattle’s Push for the SuperSonics
Seattle’s efforts to reclaim the SuperSonics—who departed for Oklahoma City in 2008—are centered on a modern infrastructure advantage. Climate Pledge Arena, which already hosts the NHL’s Kraken and the WNBA’s Storm, provides a ready-made home for an NBA franchise. Samantha Holloway, majority owner of the Kraken, has publicly confirmed her intent to bid for an expansion team. Her effort recently gained momentum with the addition of Melinda French Gates as a minority investor.
Las Vegas Market Potential and Valuation
Las Vegas has evolved from a host of the NBA Summer League since 2004 into a permanent fixture on the league’s calendar, recently hosting the NBA Cup semifinals and finals. Despite this, Silver maintained his long-standing joke about the city’s current status: We already have a franchise here, and it’s the summer league! It’s in essence operated as our 31st team now, for 22 years.
The financial stakes for any new entry are significant. NBA team valuations have surged in recent years, with recent sales reaching between $4 billion and $10 billion. Estimates suggest that expansion fees for a new franchise will likely settle in the upper half of that range. While Bill Foley, owner of the Vegas Golden Knights, is often cited as a key contender due to his role in establishing the city’s professional sports era, the list of competitors remains largely shielded from public view.
League Strategy and Future Timeline
Silver has consistently cautioned that expansion is not a certainty, though the league continues to move through the necessary procedural steps. The current review focuses on the broader economics of adding teams to the 30-team structure. While the league has not set a definitive start date for new franchises, Silver has previously indicated that decisions regarding the expansion process are expected in 2026.
For now, the league remains in the phase of vetting proposals. Multiple various, serious groups are in the process of presenting plans to our bankers,
Silver said. And those plans not only include who the potential owners would be, but their vision for what Las Vegas basketball could look like: where they would play, how they would present the game. And it’s music to my ears.
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