NBA Is Close to Picking Owner of Future Las Vegas Team

The NBA is close to a decision on who the new owner of a Las Vegas basketball franchise for the association will be. A bid is expected to cost between $12 billion and $13 billion, and there are three finalist groups currently: Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; and Jerry Colangelo, who has teamed up with Bill Foley, as reported by ESPN, which cited sources close to the matter. A formal approval is still set to take place, however, with the league expected to hold an official event before long – and certainly by the cut-off period, which is set for the end of December 2026. The league will likely proceed with a Seattle team as well, according to ESPN’s sources, but the core focus has been on Las Vegas for the time being, citing the livelier bidding market. A new team or teams could also join the association as early as the 2028-29 season, making for a quick expansion that will quickly gauge the impact of the decision. The potential owners of a new Las Vegas team are mostly experienced in sports ownership. Bill Laurie is a former owner of the NHL’s St.Louis Blues. Apostolopoulos has already tried to secure ownership of sports franchises, including the NHL’s Ottawa Senators and the NFL’s Washington Commanders, while his partner, Lasry, was the co-owner of the Milwaukee Bucks between 2014 and 2023. Colangelo is the long-running owner of the Phoenix Suns, and his partner, Foley, is the majority owner of the NHL’s Vegas Golden Knights. As ESPN’s sources suggest, the market in Las Vegas is definitely quite interesting, with many competing bidders. The media noted that any party that fails to make the cut in Las Vegas may then push for Seattle.