Las Vegas NBA expansion team ownership

Three ownership groups remain in contention for the NBA's Las Vegas expansion team. The league is expected to select a winning bidder in the near future, with the total price for the franchise and a new arena reaching at least $12 to $13 billion.

The finalists are a group led by Walmart heiress Nancy Walton Laurie and her husband, former St. Louis Blues owner Bill Laurie; a partnership between Vegas Golden Knights owner Bill Foley and former Phoenix Suns owner Jerry Colangelo; and a consortium featuring former Milwaukee Bucks co-owner Marc Lasry and Canadian billionaire Steve Apostolopoulos. The NBA plans a formal approval process for two expansion teams by the end of December.

Background on the leading contenders

Each finalist group features prominent sports and business figures with deep ties to NBA ownership, NHL operations, or major franchises.

Nancy Walton Laurie, daughter of Walmart co-founder James 'Bud' Walton, and Bill Laurie have a combined net worth of $17 billion according to Forbes and reside in Henderson, Nevada. Bill Laurie previously owned the NHL's St. Louis Blues.

The partnership between Bill Foley and Jerry Colangelo combines local operational experience with extensive NBA connections. Foley, with an estimated net worth of $2.5 billion, owns the NHL's Vegas Golden Knights and English Premier League club AFC Bournemouth. Colangelo, a four-time NBA Executive of the Year, sold the Phoenix Suns in 2004 for a then-record $401 million and led USA Basketball to four Olympic gold medals as managing director. Their combined bid includes the 'Las Vegas Jacks' group, which features former NBA player and coach Vinny Del Negro, former Turner Sports President David Levy, and ESPN analyst Jay Williams.

Steve Apostolopoulos, a Canadian businessman who previously pursued the NFL's Washington Commanders and the NHL's Ottawa Senators, leads the third group. He is joined by his brothers Jim and Peter, with Marc Lasry serving as a partner. Lasry sold his stake in the Milwaukee Bucks in 2023 in a deal that valued the franchise at $3.5 billion.

Arena plans and financial scope

The massive projected cost for the Las Vegas franchise covers both the expansion fee and the construction of a new arena, making the venue a central part of every proposal.

Initial discussions involved the possibility of using the existing T-Mobile Arena. Sources now indicate a new arena would be built if the Colangelo-Foley group is selected. The total financial commitment from the winning group is expected to fall between $12 billion and $13 billion, potentially more.

Why Las Vegas is moving ahead of Seattle

The NBA is prioritizing its Las Vegas expansion process ahead of Seattle's due to unresolved venue questions in Nevada. The league needs more lead time for arena development there.

Commissioner Adam Silver explained the differing timelines after a September Board of Governors meeting. He noted that Seattle already has a ready-made venue in Climate Pledge Arena, which the league has inspected. "If we were opening in five weeks, we could be ready in Seattle," Silver said, clarifying this was an illustration of arena readiness and not an announcement.

In contrast, Las Vegas still had two possibilities on the table: substantial improvements to T-Mobile Arena or the construction of an entirely new entertainment venue. Choosing a site was deemed premature at that stage, requiring more detailed discussion. The more competitive bidding market in Las Vegas also accelerated the league's focus.

The NBA will select a winning bidder for the Las Vegas expansion franchise from the three finalist groups in the near future.