The bidders for the NBA’s proposed expansion team in Las Vegas have been whittled down to a three-group shortlist, with an announcement expected at the end of the year or early 2027.
The NBA is reportedly close to naming the preferred bidder for its proposed Las Vegas expansion team, with a price range between $12bn-$13bn.
The league is set on three preferred bidding groups, which are all believed to be committed to building a new arena to become the home of the new Las Vegas NBA franchise.
The three bidding groups have been revealed to be: Bill Foley and Jerry Colangelo, Nancy Walton Laurie and Bill Laurie, and Steve Apostolopoulos and Marc Lasry.
Basketball Hall of Famer and five-time NBA champion Earvin ‘Magic’ Johnson had originally spoken of his interest in being part of a group to bid for the Las Vegas team, meeting with Nevada Governor Joe Lombardo earlier this year.
It has been reported this year that the Las Vegas team would command a projected $7bn-$10bn figure. However, due to significant interest from suitors for the team, this figure has increased over time.
The winning bidder is expected to be approved in December 2026 during a formal approval process.
Reports suggest that the Las Vegas and the proposed Seattle expansion teams could enter the league for the 2028/29 season.
Who are the Las Vegas NBA team bidders?
Bill Foley is teaming up with Basketball Hall of Famer and former Phoenix Suns owner Jerry Colangelo after both leaders of their respective groups confirmed their interest in the expansion team this summer, joining forces four months ago.
Colangelo leads the Las Vegas Jacks group, which also involves Founder of Horizon Sports, David Levy, and Prime Capital Financial Managing Partner, Scott Colangelo, which had announced it had up to $8bn in financial commitments for the Vegas team.
Foley already owns a sports team in Las Vegas, the Vegas Golden Knights in the NHL, and owns the T-Mobile Arena where the Knights play its home games. Foley was also committing between $300m-$400m to renovations to the arena, including an extra 1,000 seats, to make it purpose-built for NBA games.
Complications could arise if the T-Mobile Arena hosts NBA games, due to the NBA and NHL sharing similar schedules from autumn to spring. This could be the reason why Foley partnered with the Jacks group in committing to building a new arena for the team.
Canadian billionaire Steve Apostolopoulos is the founder of private equity firm Six Ventures. He has previously attempted to acquire an NBA franchise before with the Charlotte Hornets, as well as other sports teams, such as the Washington Commanders and the Ottawa Senators.
He is teaming up with Marc Lasry, a private equity manager and co-founder of Avenue Capital. Lasry was the co-owner of the Milwaukee Bucks from 2014-2023, where the Bucks won the NBA Championship in 2021.
Steve Apostolopoulos, alongside his brothers Jim and Peter Apostolopoulos, led the group, with Lasry serving as a partner.
Nancy Walton Laurie and her husband Bill Laurie come from the wealthy Walton Family, with the family’s estimated net worth valued between $513bn-$520bn.
Nancy Walton and Bill Laurie have an estimated combined net worth of over $17bn through inherited shares in Walmart from her father, James Walton, the co-founder of Walmart. Bill Laurie is the former owner of the St. Louis Blues, selling the team in 2006.
They live in Henderson, Nevada, approximately 16 miles (26 km) from Las Vegas. Bill Laurie is also a college basketball player, playing for the Memphis Tigers. He competed against Basketball Hall of Famer Bill Walton in the 1973 NCAA national championship game, which Memphis lost to UCLA.
If a Las Vegas bidder is approved, what happens next?
If a bidder is approved by late December/January, they must be approved by the NBA Board of Governors, made up of the 30 current NBA owners.
At least 23 owners must vote ‘yes’ to approve the Las Vegas team’s ownership group. The group will then outline their financial and structural plans for the team to the league.
The expansion fee is a key hurdle for any owners looking to acquire an expansion team in the NBA.
The addition of an expansion team means current NBA team owners will have to share media rights revenue, with their percentages being diluted. This can often cause NBA team owners to vote ‘no’ to expansion teams in order to secure more revenue long-term.
Despite this, the final valuation figure for the Las Vegas expansion team will be split equally among the 30 NBA owners as an upfront payment. For example, if the final figure is as high as $13bn, this means each NBA owner will receive $433m.
The Las Vegas team will also play in the Western Conference. Depending on when the other expansion team being proposed in Seattle is approved and ready to play in the league, this would mean the Vegas team will be the 16th team in the West, with 15 teams in the East.
An expansion draft will also be required to be held before the Vegas team’s inaugural season in the league. Each of the current NBA teams must select up to eight players to protect from availability for the expansion draft, whilst the remaining players become available for the expansion teams to select to join their rosters.
Read all about how US sports expansion works HERE.
