The NBA is reportedly close to choosing a winning ownership group for an expansion team in Las Vegas, with the deal expected to command at least $12 billion. Three finalist groups have emerged for the venture, which will feature a brand-new arena as the league moves toward final franchise placement.
Expansion talks in professional basketball have shifted from speculation to concrete financial backing. Decision-makers are zeroing in on a frontrunner for the Nevada franchise, with an announcement anticipated in the very near future. The towering price tag reflects the surging value of major sports properties, tracking closely with recent record-shattering franchise transactions across North America.
The Three Finalist Ownership Groups Competing for Las Vegas
Three distinct consortiums of wealthy investors and sports executives remain in the running to secure the franchise rights. The first group pairs Nancy Walton Laurie and Bill Laurie. Nancy Walton Laurie is the daughter of Walmart co-founder James Walton, and her husband previously owned the St. Louis Blues in the NHL. The couple maintains deep ties to the region through a home in Henderson, Nevada, and the Walton family also holds a stake in the NFL’s Denver Broncos.
A second bidding coalition brings together Canadian businessman Steve Apostolopoulos and former Milwaukee Bucks co-owner Marc Lasry. Apostolopoulos leads the real estate firm Triple Group of Companies and previously pursued acquisitions of the Charlotte Hornets, the Washington Commanders, and the Ottawa Senators. Lasry sold his stake in Milwaukee in 2023 at a $3.5 billion valuation before aligning with the Canadian billionaire.
The third group unites NHL Vegas Golden Knights owner Bill Foley and Naismith Memorial Basketball Hall of Fame chairman Jerry Colangelo. Colangelo brings decades of executive experience, having owned the Phoenix Suns for nearly two decades before selling the franchise in 2004 for a then-record $401 million. Their combined bidding roster also incorporates former Turner Sports president David Levy, managing partner Scott Colangelo, former player and coach Vinny Del Negro, and ESPN analyst Jay Williams.
Financial Scale and the New Arena Development Plans
While early discussions floated existing venues on the Strip, the leading ownership bids point toward a different physical footprint. Foley previously noted that a Las Vegas franchise could play at T-Mobile Arena, home to the Golden Knights. However, the Foley and Colangelo coalition has instead laid out plans to construct a dedicated modern entertainment palace if their bid prevails.
The financial scale of the project mirrors the unprecedented inflation of sports franchise valuations. The Los Angeles Lakers sold to a group led by Josh Kushner and Bob Iger for $12.5 billion, establishing a benchmark for North American sports team sales. The expected $12 billion to $13 billion investment for the Las Vegas expansion team and its arena sits directly alongside that valuation.
Shams Charania of ESPN provided further context on the league’s expansion efforts, noting that the process in Las Vegas is moving toward a concrete plan for a new arena.
Seattle’s Continuing Status and League Timeline Targets
Even as Las Vegas moves toward a definitive ownership selection, Seattle remains firmly in the league’s expansion calculations.
According to reporting by Shams Charania, conversations regarding Seattle are continuing as well.
Bidding for a Seattle franchise is projected to command around $7 billion. League leadership has targeted the 2027-28 season as the prospective starting point for both expansion teams to officially enter competition.
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