NBA Reviewing Three Finalist Bids for $12-13 Billion Las Vegas Expansion Team

The NBA is evaluating three finalist groups for a Las Vegas expansion team expected to cost between $12 billion and $13 billion for the franchise and a new arena.

The NBA is reviewing three finalist groups for a Las Vegas expansion team with a projected price of $12 billion to $13 billion, covering both the franchise and a new arena. According to ESPN, the league expects to select a winning bid in the near future, with a formal approval process for two expansion teams scheduled by the end of December. The league has targeted the 2028-29 season for the teams to begin play.

The three finalist groups include Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; and a partnership between Bill Foley and Jerry Colangelo. The Laurie group features a net worth of $17 billion, while the Apostolopoulos group includes Lasry, the former co-owner of the Milwaukee Bucks who sold his stake at a $3.5 billion valuation in 2023. The Foley-Colangelo bid combines the majority owner of the NHL’s Vegas Golden Knights with the former owner of the Phoenix Suns.

Las Vegas has moved ahead of Seattle in the expansion process due to a more active bidding market and the logistics of developing a new arena. While Seattle’s Climate Pledge Arena is already established, the Las Vegas bids involve plans for a new facility. Sources indicate that runners-up from the Las Vegas process may eventually join the bidding for the Seattle franchise.

Jerry Colangelo’s "Las Vegas Jacks" group includes former Turner Sports president David Levy, Scott Colangelo, Vinny Del Negro, and Jay Williams. Although Bill Foley previously suggested using T-Mobile Arena, the joint group now plans to construct a new venue if successful. The NBA's selection process follows the record-setting $4 billion sale of the Phoenix Suns in 2023 and the $6.05 billion sale of the NFL’s Washington Commanders.