Sports
NBA Expansion Race Heats Up as Three Las Vegas Bidders Commit $10 Billion
The NBA is reportedly nearing a decision on a Las Vegas expansion team, with all three finalist groups willing to pay at least $10 billion for the franchise fee. The league hopes to finalize its choice by the end of the year.
The NBA is inching closer to awarding a Las Vegas expansion franchise, with all three finalist groups prepared to pay a record-setting $10 billion franchise fee, according to a report from ESPN's Shams Charania.
Speaking on "Inside the NBA" on Wednesday night, Charania said the league is "closer and closer" to selecting a winning bid. The three finalists are: Walmart heiress Nancy Walton Laurie and her husband Bill Laurie; Golden Knights owner Bill Foley and former Phoenix Suns owner Jerry Colangelo; and a group led by Steve Apostolopoulos and Marc Lasry.
The Apostolopoulos/Lasry group also includes Kenny "The Jet" Smith, a retired NBA player and current analyst on "Inside the NBA." Smith, speaking on the program, acknowledged the process has taken longer than he anticipated but said he valued the education he received about expansion.
"We'll see what happens," Smith said. "It's right down to the wire, and I haven't lost a lot in the playoffs ... when it gets to the wire."
NBA Commissioner Adam Silver has said the league aims to decide on expansion by the end of the year. The $10 billion figure would be the highest franchise fee in NBA history, far surpassing the $4 billion paid for the Phoenix Suns in 2023 and the $3.5 billion valuation of the Dallas Mavericks sale that same year.
For Las Vegas, the arrival of an NBA team would mark another major step in the city's transformation into a professional sports hub. The Golden Knights, owned by finalist Bill Foley, became the city's first major professional franchise in 2017 and won the Stanley Cup in 2023. The Raiders relocated to Las Vegas in 2020, and the A's are planning a move to a new ballpark on the Strip.
The expansion process has drawn intense interest from local officials and business leaders eager to see the city join the ranks of NBA markets. A team would likely play in a new arena, with at least one groupâDiamond Arena Groupâvowing to build a new Strip intersection and road even if its arena site isn't chosen, though only with state funding.
As the bidding war nears its conclusion, the decision will carry significant weight for the league and the city. The NBA last expanded in 2004 with the Charlotte Bobcats, and the current collective bargaining agreement includes provisions for expansion that could facilitate a smooth entry for new teams.
For now, the finalists await the league's call, with Smith's playoff metaphor capturing the moment: the series is tied, and the next basket could decide the winner.