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NBA Expansion to Las Vegas: A Comprehensive Guide to the Final Three Ownership Groups

By jili tutorial · October 1, 2026

NBA Expansion to Las Vegas: A Comprehensive Guide to the Final Three Ownership Groups

Overview: The Final Stretch of a Billion-Dollar Franchise Hunt

The NBA is entering the decisive phase of its Las Vegas expansion process. League executives are set to select a winning ownership group from three billionaire-backed finalists, with a formal approval vote expected by the end of December. The franchise—together with a new arena—is projected to sell for between $12 billion and $13 billion, a figure that at the upper end matches the record-breaking $12.5 billion sale of the Los Angeles Lakers in 2021 (a transaction that included the team and its arena rights). If approved, the new team would tip off no earlier than the 2028–29 season, giving ownership roughly four years to build a roster, secure an arena, and establish a front office.

Las Vegas is currently favored over Seattle in the expansion race, primarily because the city’s bid offers higher financial commitments and requires a new arena—whereas Seattle’s Climate Pledge Arena is already NBA‑ready after hosting pre‑season games and being used by the WNBA’s Storm. The league is also reportedly considering a fallback option: allowing unsuccessful Las Vegas bidders to pivot into the Seattle expansion process, which could accelerate a second expansion team.

Below, we break down the three finalist groups, the background of the expansion, and what this means for the future of professional basketball in Nevada.

Background: Why Expand Now?

The NBA has not added a new franchise since the Charlotte Bobcats (now Hornets) joined in 2004. For years, commissioner Adam Silver has signaled that expansion is a priority once the league’s media rights deals are locked in. With a new $24 billion television contract beginning in 2025–26, the league now has the financial runway and bargaining power to double its market presence. Las Vegas—already home to the NHL’s Golden Knights, the WNBA’s Aces, and the NFL’s Raiders—has become the most attractive unserved market. The city’s tourism infrastructure, tax incentives, and growing local population make it a natural fit for the NBA.

The projected price tag of $12–13 billion reflects not only the team’s value but also the cost of constructing a state‑of‑the‑art arena. By comparison, the Phoenix Suns sold for $4 billion in 2023, and the Dallas Mavericks changed hands for $3.5 billion. The Las Vegas expansion price would dwarf those figures, underscoring the league’s confidence in the market’s revenue potential.

The Three Finalist Groups

Each of the three groups brings deep pockets, established sports industry credentials, and a strong personal connection to either Las Vegas or professional basketball. Below we profile each contender, highlight their key members, and provide the betting odds as of September 30 (source: Mr. Gamble’s Odds).

1. Bill Foley & Jerry Colangelo (Odds: +110 — Favorite)

This group represents a merger of two powerful sports figures who initially pursued separate bids before combining forces four months ago.

Initially, Foley suggested the team could play at T‑Mobile Arena (home of the Golden Knights), but sources indicate the combined group now intends to build a new arena if awarded the franchise. The Colangelo group had already developed arena plans under the name “Las Vegas Jacks,” and the partnership blends Foley’s local influence with Colangelo’s league‑wide relationships.

2. Nancy Walton Laurie & Bill Laurie (Odds: +160)

The second group is anchored by the immense wealth of the Walton family.

3. Steve Apostolopoulos & Marc Lasry (Odds: +275 — Long Shot)

The third group combines a Canadian billionaire with a former NBA owner.

Key Considerations for the Selection Process

Arena Requirements

A major factor tipping the scales toward Las Vegas is the need for a new arena. Seattle’s Climate Pledge Arena is already configured for NBA games (it hosted preseason contests and is home to the WNBA’s Storm), while Las Vegas currently relies on T‑Mobile Arena—which is suitable but would require renovation or replacement. The league prefers a dedicated basketball venue that can host 18,000+ fans and serve as a year‑round entertainment hub. Building a new arena from scratch is expensive, but it also allows the ownership group to control revenues from events, parking, and naming rights—a lucrative long‑term asset.

Relationship with the Golden Knights

Bill Foley’s existing ownership of the Golden Knights could create synergies (shared fan base, potential co‑location of facilities) but also raises antitrust concerns. The NBA may want to avoid giving one owner control over two major league teams in the same market, although such arrangements exist in other cities (e.g., the Kroenke family owns the Lakers’ arena and the Colorado Avalanche). The Colangelo partnership likely helps balance this issue.

Betting Odds as a Proxy

The odds published by Mr. Gamble (as of September 30) reflect market sentiment, not official NBA projections. Foley/Colangelo’s +110 favorite status suggests the combination of local ties, arena plans, and league relationships gives them the edge. The Lauries’ +160 reflects their sheer financial power, while Apostolopoulos/Lasry’s +275 indicates they are considered an outsider but not out of contention.

Timeline: What Happens Next

  1. December 2024 (Expected) – The NBA Board of Governors formally approves the expansion process and selects the winning ownership group for Las Vegas.
  2. Early 2025 – The winning group finalizes arena financing and design plans; negotiations with the city and county for tax incentives and land use begin.
  3. 2025–2026 Season – Team branding, front office hiring, and initial roster building commence. The expansion draft would likely take place in 2028.
  4. 2028–29 Season – Target start date for the new Las Vegas franchise. If Seattle is also approved, it could join in the same season or one year later.

What This Means for Fans and the League

Conclusion: A High‑Stakes Game of Ownership

The NBA’s Las Vegas expansion is one of the most valuable sports business deals in history, with a price tag rivaling the Lakers’ sale. Each of the three ownership groups brings a different blend of wealth, experience, and local roots. The Foley/Colangelo partnership appears best positioned, thanks to Jerry Colangelo’s league relationships and Bill Foley’s existing Vegas presence. But the Lauries’ deep pockets and the Apostolopoulos/Lasry team’s growing sports portfolio mean the race is far from predetermined.

The outcome will be decided within weeks, and the effects—on the arena landscape, competitive balance, and the future of expansion—will be felt for decades.