The NBA is nearing a decision on its incoming Las Vegas expansion franchise, with league officials expected to select a winning ownership bid carrying a price tag between $12 billion and $13 billion in the very near future, per ESPN’s Shams Charania. The expansion process targets the 2027-28 season for the team’s debut alongside a potential franchise in Seattle.
Ownership Bidding Groups Vie for Las Vegas Franchise
Three primary bidding groups remain in contention for the Las Vegas market. Nancy Walton Laurie and Bill Laurie lead one finalist group. The daughter of Walmart co-founder James Walton, Nancy Walton Laurie is married to Bill Laurie, who previously owned the NHL’s St. Louis Blues. According to Charania, the two own a home in Henderson, Nevada, establishing direct local ties.
A second group features Canadian businessman Steve Apostolopoulos alongside his brothers and Marc Lasry. Apostolopoulos is the owner of the real estate company Triple Group of Companies and the founder of both the credit card firm Caary and the private equity firm Six Ventures. He previously pursued purchases of the NFL’s Washington Commanders and the NHL’s Ottawa Senators before other parties acquired them, and discussed buying the Charlotte Hornets from Michael Jordan in 2023. Lasry brings previous major sports ownership experience, having co-owned the Milwaukee Bucks and held a stake in the Cleveland Browns before selling to Jimmy and Dee Haslam in 2023.
The third group combines Jerry Colangelo and Bill Foley. Charania reported that Colangelo and Foley discussed joining forces for months before finalizing an agreement to merge their bidding efforts. Colangelo owned the Phoenix Suns for nearly 20 years until selling the franchise in 2004 for a then-record $401 million. Foley brought Las Vegas its first hockey team by establishing the Golden Knights in 2017, where he remains majority owner, and also owns AFC Bournemouth of the English Premier League.
Arena Plans and Partnership Rosters
While Foley previously stated that an expansion team in Las Vegas would play at T-Mobile Arena alongside the Golden Knights, his group with Colangelo plans to construct a brand-new arena if their bid succeeds. The Colangelo and Foley bidding group includes former Turner Sports president David Levy, Prime Capital Financial managing partner Scott Colangelo, former NBA player and coach Vinny Del Negro, and ESPN basketball analyst Jay Williams.
Suns sale price dwarfed by Las Vegas expansion costs
Jerry Colangelo’s 2004 sale of the Phoenix Suns set a record at $401 million, a figure dwarfed by the projected $12 billion to $13 billion cost for a new Las Vegas expansion franchise today.
Seattle Expansion Timeline and Costs
As the Las Vegas expansion nears its final selection phase, Seattle remains firmly in the league’s expansion plans. Charania reported earlier this month that conversations regarding a Seattle franchise are continuing, with expected bidding valuations positioned around $7 billion. The league has targeted the 2027-28 season as the official start date for both the Las Vegas and Seattle expansion teams.
What is the expected cost and ownership for Las Vegas NBA expansion?
What is the expected cost of the Las Vegas NBA expansion team?
The franchise and new arena package is projected to cost between $12 billion and $13 billion.
Who are the finalists for the Las Vegas ownership bid?
The remaining groups are led by Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos, his brothers, and Marc Lasry; and Jerry Colangelo alongside Bill Foley.
When is the NBA expansion team expected to start playing?
The league is targeting the 2027-28 season for the debut of expansion teams in Las Vegas and Seattle.
Where would the Colangelo-Foley group play its home games?
Unlike previous proposals to use T-Mobile Arena, the Colangelo and Foley group plans to build a new arena if they win the franchise bid.
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