The National Basketball Association is moving closer to an expansion that will add a franchise in Las Vegas, with the total purchase price expected to reach between twelve and 13 billion dollars, according to a report by Shams Charania of ESPN. This projected cost includes the expenses required to construct a new arena for the team, as the league evaluates three remaining ownership groups for the final bid.
League officials plan to finalize the Las Vegas franchise selection before addressing a second expansion team in Seattle. Interest from prospective owners in Las Vegas has outpaced other markets, prompting the NBA to give unsuccessful bidders an opportunity to participate in the subsequent bidding process for the Seattle location. While the expansion to 32 teams has not received formal approval, a definitive vote by current team owners is scheduled for their meeting in late December. If approved, both expansion franchises could begin playing by the 2028-29 NBA season.
Finalist Ownership Groups for the Las Vegas Franchise
Three distinct ownership groups remain in contention for the Las Vegas expansion team following evaluations by league leadership. Nancy Walton Laurie and Bill Laurie represent the first group. Nancy is the daughter of Walmart co-founder Bud Walton, and her husband Bill is a former co-owner of the St. Louis Blues National Hockey League franchise. The couple resides near Las Vegas and holds an estimated net worth of approximately 17 Mrd. Dollar.
A second group is led by Canadian billionaire brothers Steve, Jim, and Peter Apostolopoulos, alongside Marc Lasry. Steve Apostolopoulos previously engaged in discussions to purchase the Charlotte Hornets from Michael Jordan in 2023 before shifting focus to the NFL’s Washington Commanders, where his bid was unsuccessful. Marc Lasry previously held a stake in the Milwaukee Bucks, serving as governor when the team won the 2021 championship, before selling his share to the Haslam family in 2023 for 3,5 Mrd. Dollar.
The third contender is the Colangelo-Foley group, branded as the Las Vegas Jacks. Jerry Colangelo, a former Phoenix Suns owner and Basketball Hall of Famer, joined the group in July alongside Bill Foley, the majority owner of the Vegas Golden Knights NHL franchise who announced his interest in an NBA team earlier that year. The Jacks group also includes former Turner Sports president David Levy, Scott Colangelo of Prime Capital Financial, former NBA player and coach Vinny Del Negro, and ESPN analyst and former NBA player Jay Williams.
Expansion Timeline and Future League Structure
The December meeting of current NBA owners will determine whether the league formally expands from 30 to 32 teams. Should the ownership group grant final authorization, the timeline dictates a multi-year runway for arena development and roster construction ahead of the targeted 2028-29 tip-off.
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