NBA Nears Las Vegas Expansion Decision With Bids Reaching $13 Billion
The NBA is closing in on a decision for the Las Vegas expansion franchise, with three investor groups remaining in a race where winning bids could hit $13 billion.
The NBA is nearing a decision regarding the ownership of the future expansion franchise in Las Vegas. According to ESPN, three investor groups remain in the running, and the winning bid is expected to reach at least $12-13 billion, which includes the cost of the franchise and the construction of a new arena.
The league is expected to hold an official approval process for two expansion teams in Las Vegas and Seattle by the end of December, though reports indicate the current focus is squarely on Las Vegas. One of the reasons for this is a more active bidding market and higher sums, alongside the need to resolve the new arena issue.
One of the three finalist groups is led by Nancy Walton Laurie and her husband, Bill Laurie. Nancy is the daughter of James "Bud" Walton, co-founder of Walmart, and her husband was previously the owner of the St. Louis Blues in the NHL. According to Forbes, their net worth is estimated at around $17 billion.
Another group is led by Canadian billionaire Steve Apostolopoulos along with his brothers Jim and Peter, alongside Marc Lasry. Apostolopoulos has previously explored purchasing major sports teams, including the Charlotte Hornets and Washington Commanders, while Lasry was formerly an owner of the Milwaukee Bucks and sold his stake in 2023 at a $3.5 billion valuation.
The third group consists of Bill Foley and Jerry Colangelo. Foley is the owner of the Vegas Golden Knights in the NHL and Bournemouth in the Premier League, while Colangelo is a former owner of the Phoenix Suns and is considered one of the most influential figures in American basketball. The two decided to join forces after months of discussions.
