The NBA is moving forward with expansion, and it’s only a matter of time before we see two new teams added to the fold. While the process is still years away from completion, the latest update suggests that progress is being made on a new Las Vegas team.
On Tuesday, ESPN’s Shams Charania confirmed that the NBA is nearly ready to select the winning bid for the Las Vegas team, which will cost at least $12 billion. There are three finalists in the running, and any of them could join the bidding war for Seattle’s team if they lose out on this opportunity.
“The NBA is expected to select the winning bid for ownership of the Las Vegas expansion team in the very near future, with a price of at least $12 billion to $13 billion for the franchise and a new arena, from among three finalist groups — Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; and Bill Foley and Jerry Colangelo,” reported Shams Charania on Tuesday.
It’s unclear which group has the edge here, but each of them will undergo an extensive vetting process. In the wake of recent ownership scandals, the NBA cannot afford a misstep here, and we can expect them to evaluate everything before making their decision, including legal history, financial status, and personality fit.
While a Seattle franchise is also in the works, the process is several steps behind, as it’s less logistically complicated. The level of interest in a Vegas team, as well as the steps involved with starting one, demands more time and attention, which is why it’s seemingly going much faster.
“The league, which will hold a formal approval process by the end of December on two expansion teams, is closing on Las Vegas before Seattle for several reasons. Las Vegas has a livelier bidding market with higher offers, and the process consists of the logistics of developing a new arena versus Climate Pledge Arena already being a ready-made home for the Seattle team. And the Las Vegas runners-up also could join the Seattle bid process. The NBA has targeted as soon as the 2028-29 season for the expansion teams,” Shams added.
Just a few years ago, Las Vegas was non-existent in the professional sports world, acting as more of an attraction for athletes than an actual serious competitive scene. But when the Las Vegas Golden Knights were added in 2017, it really started a cascade of representation for the city.
Now, alongside the Knights, Aces, Raiders, and Athletics, the NBA will soon add a presence of its own to Las Vegas, finally tapping into one of the biggest markets in the West. What happens next is anyone’s guess, but there is no rush to complete the process of this $12+ billion project. With so many moving parts, the league is moving with caution and patience, careful not to skip any steps or miss critical information. Because who they choose to run this Vegas team will determine its trajectory and overall success for many years to come.