NBA to pick Las Vegas expansion owners soon, US$12-13bn price tag
League expected to name one of three bidding groups for new Las Vegas franchise shortly, with total team-and-arena cost projected at US$12-13bn.
The NBA is “very near” to selecting the owners of its first Las Vegas franchise, ESPN reported on Tuesday. Commissioner Adam Silver wants the expansion decision wrapped up before the end of 2026, clearing the way for the new club to tip off in the 2028-29 season.
Three groups in the final race
Only three consortia remain in contention.
• Nancy Walton Laurie and Bill Laurie – Walton Laurie is a Walmart heiress and Laurie is a former owner of the NHL’s St. Louis Blues.
• Steve Apostolopoulos and Marc Lasry – Lasry, who sold his Milwaukee Bucks stake at a US$3.5 bn valuation, is seeking a return to the league’s board of governors alongside investor Apostolopoulos.
• Bill Foley and Jerry Colangelo – Foley already runs the NHL’s Vegas Golden Knights, while Colangelo is a four-time NBA Executive of the Year and current chairman of the Naismith Memorial Basketball Hall of Fame.
The combined cost of the expansion fee and a yet-to-be-built arena is expected to reach “at least” US$12-13 billion. The league has not said how much of that figure would be the franchise fee alone.
Arena still the big question
Unlike Seattle, which has Climate Pledge Arena ready to host NBA games with only minor tweaks, Las Vegas lacks a confirmed site. Silver said the bidders have two broad options:
- Renovate T-Mobile Arena, the current home of the NHL’s Golden Knights, although “significant improvements” would be required.
- Construct a new “modern entertainment palace”, designed for 365-day use in a tourism-driven market.
The commissioner noted the league could follow the Toronto Raptors’ model and play temporarily in an existing venue while a permanent arena is built.
What about Seattle?
The board of governors approved both Las Vegas and Seattle for formal study in March. Silver explained that Las Vegas is being handled first because its arena plans are more complicated, while Seattle could host a team “in five weeks” if necessary.
At present, the only known Seattle bidder is Samantha Holloway, owner of the NHL’s Seattle Kraken. If any of the Las Vegas finalists miss out, they could redirect their resources to Seattle’s project.
What happens next
Silver reiterated earlier this month that the league will only “take on so much at once.” By resolving the Las Vegas decision, the NBA can then shift full attention to Seattle. Should the timetable hold, both new clubs would join the league together for the 2028-29 campaign, giving the NBA its first expansion since the Charlotte Bobcats in 2004.
Las Vegas already hosts franchises in the WNBA, NFL and NHL, and an MLB team is on the way. Securing the NBA would complete the city’s sweep of major North American professional sports.
Source: CBS Sports. This article was compiled by the iBET.news newsroom from the source report and other public information.
