The NBA is moving closer to choosing who will own its expected Las Vegas expansion franchise, with three groups remaining in the running for what could become one of the biggest ownership deals in American sports.
The league is expected to select the winning Las Vegas bid in the near future, with the total price for the franchise and a new arena expected to reach at least $12 billion to $13 billion, according to ESPN.
The three finalist groups are Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and former Milwaukee Bucks co-owner Marc Lasry; and Vegas Golden Knights owner Bill Foley alongside former Phoenix Suns owner Jerry Colangelo.
Las Vegas is currently further along in the expansion process than Seattle, partly because of the stronger bidding market and the need to determine plans for a new arena. Seattle already has Climate Pledge Arena available for a potential NBA franchise, according to ESPN.
The league is expected to hold its formal approval process for two expansion franchises by the end of December, with the NBA targeting the 2028-29 season for both teams to begin play, sources told ESPN.
Foley and Colangelo originally entered the Las Vegas race separately before their groups began discussions around four months ago. They have since joined forces, combining Foley’s established presence in Las Vegas with Colangelo’s extensive NBA connections.
Foley had previously discussed using T-Mobile Arena, home of his Golden Knights, for an NBA franchise. However, a new arena would instead be built if the Foley-Colangelo group wins the bid, sources told ESPN.
Lasry also brings significant NBA ownership experience to the process. He purchased the Bucks alongside Wes Edens for $550 million in 2014 before selling his stake in 2023 at a $3.5 billion franchise valuation.
The NBA’s expansion process is now approaching one of its biggest decisions yet, with the Las Vegas ownership race down to three groups and a winner expected to emerge soon.
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