The NBA is close to choosing a winning bidder for a new Las Vegas expansion team, according to ESPN, with the total cost for the franchise and a yet-to-be-built arena expected to reach at least $12-13 billion. However, it remains unclear how much of this amount is solely for the franchise itself.
There are three main ownership groups competing for the Las Vegas team:
- Nancy Walton Laurie and Bill Laurie: Nancy is an heiress to the Walmart fortune and cousin to Rob Walton, owner of the NFL’s Denver Broncos. Bill Laurie previously owned the NHL’s St. Louis Blues.
- Steve Apostolopoulos and Marc Lasry: Lasry was a former co-owner of the Milwaukee Bucks until he sold his stake at a $3.5 billion valuation and is a former NBA governor, notable due to the Bucks’ unique rotating ownership.
- Bill Foley and Jerry Colangelo: Foley owns the NHL’s Vegas Golden Knights, while Colangelo is a prominent basketball executive with a history as Suns GM and part-owner, multiple Executive of the Year awards, and former chairman of the Basketball Hall of Fame.
NBA Commissioner Adam Silver has expressed hopes that the expansion process will conclude by year-end, with Las Vegas and Seattle identified in March as the two potential cities for new NBA teams. The league aims for the new franchises to begin play in the 2028-29 season.
Las Vegas has never hosted an NBA team but currently features the WNBA’s Las Vegas Aces, NFL’s Raiders, and NHL’s Golden Knights, with MLB’s Athletics preparing to move there. The city also hosts the NBA Summer League and held the 2007 All-Star Game.
Seattle, home to the former SuperSonics from 1967 until their 2008 move to Oklahoma City, might be next in line once Las Vegas is approved. Seattle already has NHL owner Samantha Holloway as a potential bidder, and the city’s Climate Pledge Arena is NBA-ready, whereas Las Vegas will need to build or significantly renovate an arena.
Silver highlighted that Las Vegas requires more development around an arena site, leading to a longer timeline before the basketball season can start there. In Seattle, the existing arena could host games almost immediately with minor adjustments.
Regarding venues in Las Vegas, renovating the T-Mobile Arena, home to the Golden Knights, is an option but would need considerable upgrades. There are also proposals for entirely new, state-of-the-art arenas designed to create year-round entertainment in the city. The NBA could potentially use a temporary home like T-Mobile while a new arena is constructed, similar to how the Toronto Raptors played at SkyDome before moving to their current facility.
Fan Take: This development signals a major shift for the NBA, marking the start of expansion for the first time since 2004. It means more exciting basketball action and growth into a booming market like Las Vegas, while also promising a hopeful return for Seattle fans longing for their beloved team, potentially reshaping the league’s landscape for years to come.
Source: www.cbssports.com
