NBASep 30
NBA Nears Las Vegas Ownership Decision With Bids in $12-$13 Billion Range
Three finalist groups remain in contention as the league prioritizes Las Vegas ahead of Seattle in its expansion process.
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Las Vegas decision approaching
The NBA is nearing its choice of an ownership group for a Las Vegas expansion franchise, with the team and a new arena expected to carry a price of at least $12 billion to $13 billion. The finalists are Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; and Bill Foley and Jerry Colangelo. A selection is expected soon, while the league plans to conduct its formal approval process for two expansion franchises by the end of December. The NBA has targeted the 2028-29 season as the earliest possible debut for the new teams.
Why Las Vegas comes first
A more competitive bidding market and higher offers have pushed Las Vegas ahead of Seattle in the process. Arena planning is another factor: Las Vegas requires a new building, while Seattle already has Climate Pledge Arena available. Groups that miss out on Las Vegas could also enter the Seattle bidding process, giving the league another reason to settle the Nevada ownership question first.
Finalists bring ownership experience
Nancy Walton Laurie, daughter of Walmart co-founder James Walton, and her husband have a home in Henderson, Nevada. Bill Laurie previously owned the NHL's St. Louis Blues. Apostolopoulos is leading his group alongside brothers Jim and Peter, with former Milwaukee Bucks co-owner Lasry as a partner. Apostolopoulos previously explored purchasing the Charlotte Hornets before shifting his attention to the Washington Commanders. Foley and Colangelo have combined their efforts, pairing the Vegas Golden Knights owner's local connections with the Las Vegas Jacks group's arena plans and league relationships. Although Foley previously proposed using T-Mobile Arena, their partnership would build a new venue if selected. Colangelo formerly owned the Phoenix Suns, while Foley also owns Premier League club AFC Bournemouth.
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