Former Phoenix Suns and Arizona Diamondbacks owner Jerry Colangelo is part of an ownership group focused on pursuing an NBA expansion team in Las Vegas.
The ownership group, called the Las Vegas Jacks, includes former NBA coach and player Vinny Del Negro and former player and analyst Jay Williams.
“Basketball has become a global sport to levels never seen before,” Colangelo said in a statement. “With the five top MVP vote-getters being all internationally born, the game is reaching unparalleled heights.
“My excitement for this project and for our Jacks’ vision is right up there in terms of my career. We all are committed and working as hard as we can to bring the league, owners and the fans, the best proposal and end product possible to Las Vegas.”
The group is targeting $12.5 billion to $13 billion in assets and has $5 billion committed toward that goal. Another $3 billion has been “formally indicated,” according to the press release.
Colangelo was hired as the Phoenix Suns general manager for their inaugural season in 1968. He eventually took over as the franchise’s owner in 1987.
Colangelo didn’t stop there, eventually bringing the Arizona Diamondbacks to the Valley as an expansion team in 1998. With Colangelo part of the ownership group, the D-backs won their only World Series in 2001.
He also helped bring over the then-Phoenix Coyotes in 1996.
Colangelo resigned as the D-backs’ managing partner in 2004, with Ken Kendrick taking over that role.
Colangelo also sold the Suns, Phoenix Mercury and Arizona Rattlers to an ownership group led by Robert Sarver in 2004.
