NBA Shortlists Three Ownership Groups for Las Vegas Expansion as Bids Reach $12B

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 fee and accompanying arena project are expected to command between $12 billion and $13 billion. If the high end holds, the combined package would rival the record-breaking $12.5 billion valuation set during the Los Angeles Lakers’ recent transaction.

The league plans to run a formal approval process for expansion by the end of December and continues to target launch as early as the 2028-29 season.

Las Vegas is positioned to be selected ahead of Seattle because Sin City involves more logistical variables—namely securing a new venue—whereas Seattle already boasts an NBA-ready facility in Climate Pledge Arena. The league is also considering allowing unsuccessful Las Vegas bidders to pivot into the Seattle bidding process.

Each of the three finalists brings substantial capital reserves and long-standing ties to professional sports:

1. Bill Foley & Jerry Colangelo

The Foley-Colangelo 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, 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 market. The two sides began discussing a partnership four months ago and ultimately combined forces, blending Foley’s local roots with the Jacks group’s arena framework 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 venue 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.

Mr. Gamble’s Odds: As of Sept. 30, Foley/Colangelo is the mild favorite at +110.

2. Nancy Walton Laurie & Bill Laurie

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, rank among the most financially formidable contenders.

Forbes places their net worth at roughly $17 billion. The couple maintains a primary residence in Henderson, Nev., giving them a direct connection to the local community. Their bid is viewed as one of the most straightforward ownership proposals, backed by long-established capital and prior experience operating a major league franchise.

Mr. Gamble’s Odds: As of Sept. 30, the Lauries are in second place at +160.

3. Steve Apostolopoulos & Marc Lasry

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 assemble a multi-league sports portfolio.

Their bid also features Marc Lasry, the former Milwaukee Bucks co-owner who sold his stake in 2023 at a $3.5 billion valuation. Lasry originally purchased the Bucks for $550 million in 2014 and served as team governor during Milwaukee’s 2021 championship season. 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.

Mr. Gamble’s Odds: As of Sept. 30, Apostolopoulos/Lasry is the longest shot at +275.