An $8 Billion War Chest for Sin City
The race to bring an NBA franchise to Las Vegas is intensifying. The investment group known as Las Vegas Jacks reports it has secured 8 miliardi di dollari in financial commitments. While the NBA has not yet officially launched an expansion process, the league is evaluating the potential for growth to 32 teams. According to reports from Bloomberg, entry fees for new franchises are projected to reach between 7 e i 10 miliardi di dollari.
A Roster of Sports and Finance Veterans
The Las Vegas Jacks group is positioning itself as a primary contender by assembling a roster of high-profile figures from the American sports business landscape. The group is led by Jerry Colangelo, the former owner of the Phoenix Suns, alongside David Levy, founder of Horizon Sports & Experiences, and Scott Colangelo, managing partner of Prime Capital Financial.
The bid also includes involvement from former NBA players Jay Williams and Vinny Del Negro, as well as Jonathan Thomas, CEO of American Century. Financial backing for the group is reportedly supported by US Bank, the subsidiary BTIG LLC, and the merchant bank Global Leisure Partners. According to Scott Colangelo, the group’s focus is on securing capital, developing a state-of-the-art arena, and delivering a franchise that aligns with the city’s status as a major sports hub.
League Rules and Ownership Hurdles
Any successful bid must operate within the strict regulatory framework established by the NBA regarding team ownership. The league limits the total stake that private equity firms and sovereign wealth funds can hold in a franchise to 30% of the total valuation, with a 20% cap for any single institutional investor.
Currently, only a few private equity entities—including Arctos Partners, Sixth Street, and Blue Owl’s HomeCourt Partners—hold minority stakes in existing NBA teams. Any new ownership group will be required to navigate these rules as they structure their capital stacks. The league has been preparing for potential expansion for some time, having engaged PJT Partners in March 2024 to advise on the evaluation of potential new markets and ownership proposals.
Crowded Field for a Nevada Franchise
Las Vegas remains a top destination for expansion, building on its recent success in hosting the NFL, NHL, WNBA, and Formula 1. However, the Las Vegas Jacks are not the only group interested in a potential Nevada franchise. Other notable figures who have expressed interest include Josh Kushner, founder of Thrive Capital, Marc Lasry, CEO of Avenue Capital Group, and NBA legend Magic Johnson.
Another significant competitor is Bill Foley, owner of the NHL’s Vegas Golden Knights. Foley, who already controls the T-Mobile Arena, has reportedly retained Morgan Stanley to assist in exploring a potential bid. While the Las Vegas Jacks have expressed interest in building a new arena, they have not yet disclosed a specific location or confirmed land acquisition. In the interim, the T-Mobile Arena is viewed as a potential temporary home should a team be awarded.
Seattle and the Countdown to 32
Beyond Las Vegas, Seattle is frequently cited as the other primary candidate for a new NBA franchise. The leading known bid for a Seattle team is headed by Samantha Holloway, daughter of TPG Global founder David Bonderman. The group expanded its ownership structure in June 2024 by adding Melinda French Gates.
NBA Commissioner Adam Silver has indicated that the league’s Board of Governors could reach a preliminary decision regarding the possibility of expansion by the end of the year. Given the high cost of entry and the complexity of the bidding process, industry analysts suggest that some of the current interested parties may eventually consolidate into unified groups or exit the process entirely as the league narrows its options.
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