NBA close to choosing winning Las Vegas expansion bid at $12B-$13B: Report

The NBA will choose an ownership group for the league’s Las Vegas expansion team from a list of three finalists, according to ESPN.

The cost of the winning bid will be between $12 billion and $13 billion for the franchise and a new arena, the network reported. The higher end of the projected cost would make the Las Vegas team the highest-valued team in NBA history, exceeding the $12.5 billion value of the Los Angeles Lakers.

By comparison, CNBC valuations estimated the value of the Las Vegas Raiders franchise — not counting Allegiant Stadium — at $13 billion, the third highest value among NFL teams.

The group that purchased the Lakers, which included billionaire venture capitalist Joshua Kushner and former Walt Disney CEO Bob Iger, were previously involved in the Las Vegas expansion bid process but withdrew.

The three remaining Southern Nevada bid groups are one led by Walmart heiress Nancy Walton Laurie and her husband, Bill Laurie; a combined bid from NHL Vegas Golden Knights owner Bill Foley and former NBA Phoenix Suns owner Jerry Colangelo; and one that includes former NBA Milwaukee Bucks co-owner Marc Lasry and Canadian billionaire Steve Apostolopoulos, ESPN’s report noted.

ESPN’s report did not give a timeline on when the decision could come down, beyond saying it would be “in the very near future.”

The Las Vegas Jacks group — which includes Colangelo, former NBA player and coach Vinny Del Negro and former Turner Sports President David Levy — joined forces with Foley, who was pursuing the expansion team with his own group. The two sides began talking about the potential to partner four months ago, according to ESPN.

If the Foley/Colangelo group wins the bid, the expansion team would play in a new arena, with the Knights still playing at T-Mobile Arena, according to the report. The Jacks have been working with Manica Architecture on a design for a potential Las Vegas arena, a person with knowledge of the situation previously told the Las Vegas Review-Journal.

Nancy Walton Laurie is the daughter of the late Walmart co-founder James “Bud” Walton, and Bill Laurie is a former owner of the NHL’s St. Louis Blues. The couple, which has a net worth of $17 billion, according to Forbes, has a residence in Henderson.

Lasry owned the Bucks from 2014 to 2023, when he sold his stake at a $3.5 billion valuation. Apostolopoulos previously had shown interest in buying multiple pro sports teams, including the NBA’s Charlotte Hornets and NFL’s Washington Commanders.

The group would be led by Steve Apostolopoulos and his brothers Jim and Peter Apostolopoulos, with Lasry serving as a partner, according to ESPN.

Gov. Joe Lombardo and his staff have been in regular contact with the remaining bid groups and the NBA, as the league mulls the possibility of adding a team in Las Vegas, according to Lombardo spokesman Drew Galang.

“Those conversations have been productive, and we’re encouraged by where things stand,” Galang said in a statement last week.

Lombardo has been involved in the process since even before the NBA announced in March that it was officially exploring Las Vegas and Seattle for expansion teams. Lombardo met with NBA legend Earvin “Magic” Johnson in February to discuss his group’s expansion plans. Johnson’s group, The MAGI, dropped out of the running.

Lombardo’s stance on Las Vegas’ ability to become a host city for a team hasn’t wavered as the process has played out.

“We remain confident that Las Vegas is the right city for NBA expansion, and the Governor is prepared to work closely with the league and the successful ownership group to ensure a new franchise can immediately become part of the fabric of our community and state,” Galang said. “Governor Lombardo and his team continue to stay engaged throughout the process and will work with the league every step of the way.”