NBA reportedly nearing a decision on Las Vegas expansion-team ownership

The NBA is nearing a choice among three ownership groups for a Las Vegas expansion team, ESPN’s Shams Charania reported on September 29. His sources put the price of the franchise and a new arena at at least $12 billion to $13 billion.

Three groups remain

ESPN names Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; and Bill Foley and Jerry Colangelo as the finalists.

The bidders bring experience from other sports franchises. Bill Laurie previously owned the St. Louis Blues, while Lasry was a co-owner of the Milwaukee Bucks. Foley owns a majority stake in the Vegas Golden Knights, and Colangelo formerly owned the Phoenix Suns, according to ESPN.

Charania reports that Foley and Colangelo have agreed to combine their bids. Although Foley previously floated T-Mobile Arena as a home for an NBA team, ESPN’s sources say their group would build a new arena if it wins.

Approval and a debut are still ahead

Choosing an ownership group is one step in the expansion process. ESPN reports that the NBA plans a formal approval process for two expansion teams by the end of December and is targeting their debut as soon as the 2028–29 season.

The league is moving on Las Vegas ahead of Seattle because of higher bids and the work needed to develop an arena, Charania reports. Seattle already has Climate Pledge Arena, and unsuccessful Las Vegas bidders could enter the Seattle process.

The report names no winning group and gives no fixed date for its selection. Its season target also leaves the debut timing open.