Silver Lake co-CEO Egon Durban has joined the Nancy Walton Laurie-Bill Laurie ownership group that’s pursuing a Las Vegas NBA expansion franchise, sources told SBJ Wednesday, and is part of an emerging plan to possibly build an arena adjacent to Allegiant Stadium.
As bids for the team continue to be vetted by investment bank PJT Partners — with a decision by the NBA likely due this month — sources said the three frontrunners continue to be the Walton-Laurie group, the Marc Lasry-Steve Apostolopoulos group, and the Bill Foley-Jerry Colangelo group. Multiple sources have different views on who the leader is, but agree on two points:
- The bids are in the $9B range, alongside arena proposals that are roughly in the $3B range — bringing the total investment to $12B.
- The NBA expects the groups to increase their bids.
The sources remain convinced that, especially with the inclusion of Durban, the Walton-Laurie group has the most liquidity and ability to raise its bid closer to what Josh Kushner and Bob Iger paid for the Lakers at a $12.5B valuation. The sense is that by building an arena near the Raiders’ Allegiant Stadium, the Walton-Laurie-Durban group could create a lucrative mixed-use district, as well.
Durban, who is 22% owner of the Raiders and has right of first refusal on a controlling stake of that NFL franchise — was not immediately available for comment.
Other sources, however, said that the Foley-Colangelo group has emerged as perhaps the favored league candidate because they already have a stake in T-Mobile Arena and would bring in the Ricketts family’s real estate development arm, Marquee Development, to lead a renovation. Marquee Development spearheaded the overhaul and premium upgrades of Wrigley Field and would do the same at T-Mobile, which has been lacking the lucrative premium seating and suites.
Detractors of the Foley-Colangelo bid said they lack the capital and liquidity to compete with the Walton-Laurie-Durban group and the Lasry-Apostolopoulos bid. But sources said the Foley-Colangelo group is luring investors by leveraging Foley’s NHL team, the Golden Knights — the idea being that they are telling would-be partners they can buy into a basketball team and a $2B-to-$3B hockey team. The Ricketts may be joining the bid in a small capacity, but the selling point Foley has made to the NBA league office is that a renovation can be completed quicker than the Walton-Laurie group can build an arena.
As for the Lasry-Apostolopoulos group, some sources said they are the true second choice, and that if the Walton-Laurie-Durban group backs out — or does not increase their bid — they will win the franchise. Lasry is a former owner of the Milwaukee Bucks who helped build the Deer District there, while the Canadian Apostolopoulos has a lucrative portfolio that includes real estate firm Triple Group of Companies, private equity company Six Ventures and fintech company Caary. If they win the bid, sources believe they might build an arena near or on the Vegas Strip, which sources believe is appealing to the league office.
The consensus, though, is that no group has more financial wherewithal than the Walton-Laurie group, which — even with an investment from Durban — would have Nancy Walton Laurie and Bill Laurie in day-to-day control.
Sources still believe, in fact, that even if the Foley and Lasry-Apostolopoulos packages, with arenas, reach $12B, the Walton-Laurie-Durban group — if they want the team badly enough — will swoop in with a bid and arena package worth $13B and be awarded the team.
