NBA Shortlists Three Ownership Groups for Las Vegas NBA Expansion—Report
The NBA is moving into the final stretch of its Las Vegas expansion process, with league officials preparing to choose a winning ownership group from three billionaire‑backed finalists. According to reporting from ESPN, the franchise and its accompanying arena project are expected to command at lea…
The NBA is moving into the final stretch of its Las Vegas expansion process, with league officials preparing to choose a winning ownership group from three billionaire‑backed finalists.According to reporting from ESPN, the franchise and its accompanying arena project are expected to command at least $12-13 billion, which—if the high end holds—would put the package in the same range as the Lakers’ record-breaking $12.5 billion sale. The league plans to run a formal approval process for expansion by the end of December and has targeted the 2028-29 season. Las Vegas is positioned to be selected before Seattle because Sin City has produced higher offers and because it requires a new arena, while Seattle’s Climate Pledge Arena is already equipped to host an NBA team. The league is also considering allowing unsuccessful Vegas bidders to pivot into the Seattle process. Each of the three finalists brings deep financial resources and long‑standing ties to professional sports: 1. Nancy Walton Laurie & Bill Laurie Nancy Walton Laurie and Bill Laurie. (Image: Mark Thompson/Getty) Nancy Walton Laurie—daughter of Walmart co-founder James “Bud” Walton and cousin of Denver Broncos owner Rob Walton—and her husband, former St. Louis Blues owner Bill Laurie, are among the most financially powerful contenders. Forbes places their net worth at roughly $17 billion. The couple maintains a residence in Henderson, Nev., giving them a direct connection to the Las Vegas community. Their bid is viewed as one of the most straightforward ownership proposals, backed by long-established wealth and prior experience running a major league franchise. 2. Steve Apostolopoulos & Marc Lasry Steve Apostolopoulos and Marc Lasry. (Images: LinkedIn and Arturo Holmes/Getty Canadian billionaire Steve Apostolopoulos, who previously explored purchasing the Charlotte Hornets and later bid on the Washington Commanders, leads another finalist group alongside his brothers Jim and Peter. Apostolopoulos has made no secret of his ambition to build a multi‑league sports portfolio. Their bid also includes Marc Lasry, the former Milwaukee Bucks co-owner who sold his stake in 2023 at a valuation of $3.5 billion. Lasry originally purchased the Bucks for $550 million in 2014 and served as the team’s governor during Milwaukee’s 2021 championship run. He currently chairs Avenue Capital, whose Avenue Sports Fund closed last year with more than $1 billion in commitments to invest in teams, leagues, and sports-related ventures. 3. Bill Foley & Jerry Colangelo Bill Foley and Jerry Colangelo. (Images: Phil Walter/Getty and Christian Petersen/Getty) The third finalist group merges two influential sports figures: Bill Foley, owner of the NHL’s Vegas Golden Knights and English Premier League club AFC Bournemouth, and Jerry Colangelo, the former Phoenix Suns owner and longtime USA Basketball architect. Colangelo announced his Las Vegas Jacks bid in July, shortly after Foley publicly expressed interest in bringing an NBA team to the city. The two sides began discussing a partnership four months ago and ultimately combined forces, blending Foley’s deep Las Vegas ties with the Jacks group’s arena plans and Colangelo’s extensive league relationships. While Foley initially suggested the team could play at T-Mobile Arena, sources told ESPN that the combined group intends to build a new arena if awarded the franchise. The Jacks group also includes former Turner Sports president David Levy, Prime Capital Financial managing partner Scott Colangelo, former NBA player and coach Vinny Del Negro, and ESPN analyst Jay Williams. Colangelo, a Basketball Hall of Famer, previously sold the Suns in 2004 for a then-record $401 million and earned four NBA Executive of the Year awards. He led USA Basketball from 2005 to 2021, overseeing four Olympic gold medal teams, and has chaired the Naismith Memorial Basketball Hall of Fame since 2009. The post NBA Shortlists Three Ownership Groups for Las Vegas NBA Expansion—Report appeared first on Casino.org.