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NBA Vegas expansion: 3 powerful finalists eye $12B prize

Dustin Judge
NBA Vegas expansion: exterior of T-Mobile Arena in Las Vegas, home of the Golden Knights and Aces

The NBA has narrowed its Las Vegas expansion search to three finalist ownership groups and is expected to pick a winner in the very near future, ESPN’s Shams Charania reported Tuesday, Sept. 29. The NBA Vegas expansion price is at least $12 billion to $13 billion for the franchise and a new arena, according to ESPN.

The finalists are Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; and Bill Foley and Jerry Colangelo.

Who’s bidding for the NBA Vegas expansion team

The Laurie group brings Walmart wealth and local ties. Nancy Walton Laurie is the daughter of Walmart co-founder James “Bud” Walton, and Bill Laurie once owned the NHL’s St. Louis Blues. The couple has a home in Henderson, Nevada, outside Las Vegas, and Forbes puts their net worth at $17 billion, ESPN reported.

Apostolopoulos, a Canadian billionaire, explored buying the Charlotte Hornets from Michael Jordan in 2023 before turning his attention to the NFL’s Washington Commanders, who were sold to Josh Harris’ group for $6.05 billion. He leads the group with his brothers, Jim and Peter, and Lasry is a partner.

Lasry brings NBA ownership experience. He bought into the Milwaukee Bucks in 2014, was the team’s governor when it won the 2021 title and sold his stake in 2023 to Cleveland Browns owners Jimmy and Dee Haslam at a $3.5 billion valuation. He runs Avenue Capital, whose sports fund closed last year with more than $1 billion in commitments.

Foley, the majority owner of the NHL’s Vegas Golden Knights and Premier League club AFC Bournemouth, is worth an estimated $2.5 billion, according to Forbes. Colangelo, a Hall of Famer, sold the Phoenix Suns in 2004 for a then-record $401 million. He is a four-time NBA Executive of the Year and led USA Basketball to four Olympic gold medals as managing director from 2005 to 2021.

Colangelo entered the race in July with his Las Vegas Jacks group, which includes former Turner Sports president David Levy and former NBA players Vinny Del Negro and Jay Williams, per ESPN.

The NBA Vegas expansion review and approval process

The league has been vetting potential owners in both expansion markets since about March, NBC Sports reported. NBA Commissioner Adam Silver said after a recent Board of Governors meeting that both ownership groups are expected to receive formal approval before the end of the year.

The NBA is moving on Las Vegas before Seattle for a few reasons, according to ESPN. The Las Vegas bidding is more competitive, with higher offers, and a winner there must plan a new arena. Seattle already has an NBA-ready home in Climate Pledge Arena. The Las Vegas runners-up could also join the Seattle bidding.

NBA Vegas expansion arena plans and timeline

T-Mobile Arena, home of the Golden Knights and the WNBA’s Aces, sits just off the Las Vegas Strip and has hosted the NBA Cup’s final rounds the past two years. Silver said earlier this month that the building “needs some significant improvements” before an NBA team could play there, NBC Sports reported.

Foley said in June that his team would play at T-Mobile Arena, but sources told ESPN that a new arena would be built if the Foley-Colangelo group wins. NBC Sports noted that the $12 billion to $13 billion figure could reflect roughly a $10 billion expansion fee plus a $2 billion to $3 billion arena, though that breakdown has not been confirmed.

The NBA has targeted the 2028-29 season for both expansion teams to begin play, according to ESPN, so the NBA Vegas expansion winner would have about three years to prepare.

For more NBA coverage, see the latest NBA news, the Golden Knights’ Karlsson extension and how the WNBA set a viewership record.

Dustin Judge is the Founder and CEO of Total Apex Media, bringing more than 20 years of writing and editorial experience to the company's growing network of digital publications. He specializes in sports, sports betting, fantasy sports, and digital publishing, with a focus on producing accurate, timely, and engaging content for readers. Dustin oversees editorial strategy, content development, and publishing operations across Total Apex Media while remaining actively involved in sports, betting, and fantasy sports coverage.