The NBA’s Las Vegas expansion process has narrowed to three finalist ownership groups. ESPN reported on Sept. 29 that the league was nearing a decision, while more recent reporting says a Las Vegas ownership decision could come by the end of November.
ESPN estimated the combined cost of a Las Vegas franchise and a new arena at roughly $12 billion to $13 billion. The arena situation remains unsettled; however, T-Mobile Arena is also being evaluated as a possible home.
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Las Vegas and Seattle are the NBA’s two expansion markets under formal consideration. The league hopes to finalize its broader expansion plan by the end of 2026. A 2028-29 Las Vegas debut remains possible, but recent reporting says the team could instead begin play in 2029-30.
Three ownership groups remain in contention
The reported finalists are groups led or represented by Nancy Walton Laurie and Bill Laurie, Steve Apostolopoulos and Marc Lasry, and Bill Foley and Jerry Colangelo. Each group brings experience in professional sports, business, or investment. The competition has now moved beyond the broader field of potential investors, leaving the NBA to evaluate three reported bids for the Las Vegas franchise.
Nancy Walton Laurie and her husband, Bill Laurie, have significant ties to sports. Bill Laurie previously owned the NHL’s St. Louis Blues, while Nancy is the daughter of Walmart co-founder James “Bud” Walton. The Walton family also has a connection to NFL ownership through the Denver Broncos.
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The other two groups also feature familiar names from professional sports. Marc Lasry previously co-owned the Milwaukee Bucks, while Jerry Colangelo previously owned the Phoenix Suns and has held prominent roles in basketball administration.
The reported price could reach $13 billion
ESPN reported that the combined cost associated with a Las Vegas expansion franchise and a new arena could reach roughly $12 billion to $13 billion. That remains an estimate rather than a finalized franchise sale price.
The estimate combines the expected cost of obtaining the expansion franchise with the billions of dollars potentially required for arena development. More recent reporting also indicates that T-Mobile Arena remains under consideration, so the final venue plan has not been finalized.
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The figure can be compared with the Los Angeles Lakers’ recent $12.5 billion transaction valuation, but the figures measure different things. The Lakers figure reflects the value of an existing franchise, while the Las Vegas estimate combines an expansion franchise with substantial arena-related costs.
Bill Foley brings existing Vegas connections
Bill Foley already has a major sports presence in Las Vegas through his ownership of the NHL’s Vegas Golden Knights. He is now partnered with longtime basketball executive Jerry Colangelo in one of the NBA’s three finalist ownership groups.
The Golden Knights play at T-Mobile Arena, which has also hosted major NBA events, including recent NBA Cup games. Foley has publicly discussed spending as much as about $400 million to make the arena suitable for regular NBA use.
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A new arena also remains a possibility, but the final plan has not been determined. Recent reporting says the league and bidders are still weighing T-Mobile Arena against the construction of a new facility.
Other finalists bring different experience
Apostolopoulos and Lasry represent another combination of financial and professional sports experience. Apostolopoulos has previously pursued ownership opportunities involving major North American sports franchises, while Lasry was part of the Bucks ownership group from 2014 through 2023.
The Laurie group has its own established sports background through Bill Laurie’s former ownership of the Blues. The couple also has a residence in the Las Vegas area, according to the Las Vegas Review-Journal.
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Colangelo brings perhaps the most direct basketball ownership history among the finalists. He was the longtime owner of the Phoenix Suns and has also been deeply involved with USA Basketball and the Naismith Memorial Basketball Hall of Fame.
NBA decision could come by late November
The NBA has not publicly announced a winning ownership group for Las Vegas. Earlier reporting said a decision was expected soon, while an Oct. 2 update said the league could choose its preferred Las Vegas group by the end of November.
The broader expansion plan could be finalized by the end of December 2026. Any new franchise would still require the NBA’s formal approval process before it could begin operations.
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Las Vegas is being addressed before Seattle, and ownership groups that miss out on Las Vegas could remain involved when the league turns to Seattle.
Fun fact: The NBA last expanded in 2004, when the Charlotte Bobcats joined the league as its 30th franchise.
Seattle remains part of the expansion plans
Seattle remains under formal consideration alongside Las Vegas for possible NBA expansion. The city previously hosted the SuperSonics, although the league has not officially announced the name of any future Seattle franchise.
The NBA initially targeted 2028-29 as the earliest expansion season. However, recent reporting says a Las Vegas team could instead debut in 2029-30 because its arena plan remains unresolved.
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Seattle already has Climate Pledge Arena available, while Las Vegas bidders are still evaluating venue options. A new Las Vegas arena remains possible, and T-Mobile Arena is also being considered with upgrades that could cost as much as $400 million.
Las Vegas expansion enters defining phase
The Las Vegas expansion process has narrowed to three reported finalist ownership groups. No franchise or ownership group has yet to receive final NBA approval, and recent reporting suggests a preferred Las Vegas bidder could be selected by the end of November.
ESPN has estimated the combined cost of a franchise and potential new arena at roughly $12 billion to $13 billion. The arena plan is still unsettled, however, with both a new facility and an upgrade to T-Mobile Arena under discussion.
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The NBA originally considered 2028-29 the earliest possible debut, but newer reporting says Las Vegas could instead begin play in 2029-30.
Fun fact: Las Vegas hosted the 2007 NBA All-Star Game at the Thomas & Mack Center, the city’s first NBA All-Star Game.
TL;DR
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The NBA is evaluating three finalist ownership groups for possible Las Vegas expansion.
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The finalists are the Laurie, Apostolopoulos-Lasry, and Foley-Colangelo groups.
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ESPN estimated the combined franchise and potential arena cost at roughly $12 billion to $13 billion.
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T-Mobile Arena and a new arena remain possible venue options.
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A preferred Las Vegas group could reportedly be selected by the end of November.
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Las Vegas could debut in 2028-29, but 2029-30 remains possible; no team has final NBA approval yet.
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This article was made with AI assistance and human editing.
