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 $12‑13 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 — sources told ESPN.
The league, which will hold a formal approval process by the end of December on two expansion teams, is moving forward with Las Vegas before Seattle for several reasons. Las Vegas has a more robust bidding market with higher offers, and the process involves developing a new arena rather than using Climate Pledge Arena, which already serves as Seattle’s home. Additionally, the losing Las Vegas groups may also join the Seattle bid.
The NBA has targeted a launch for the expansion teams as early as the 2028‑29 season, according to sources.
Nancy Walton Laurie, daughter of Walmart co‑founder James “Bud” Walton, and her husband, Bill Laurie, a former NHL St. Louis Blues owner, reside in Henderson, Nevada, a Las Vegas suburb. Their combined net worth is $17 billion, Forbes reports.
Editor’s Picks
Steve Apostolopoulos, a Canadian billionaire, explored acquiring the Charlotte Hornets from Michael Jordan in 2023 before shifting his focus to the NFL’s Washington Commanders. That franchise was eventually sold for $6.05 billion to a group led by Josh Harris, who also owns the Philadelphia 76ers and the NHL’s New Jersey Devils. Apostolopoulos is known for seeking a diversified portfolio across multiple sports leagues.
Apostolopoulos and his brothers Jim and Peter lead the consortium, with Marc Lasry joining as a partner.
Marc Lasry, formerly the co‑owner of the Milwaukee Bucks, sold his stake in 2023 to Cleveland Browns owners Jimmy and Dee Haslam for a $3.5 billion valuation. He acquired the Bucks in 2014 for $550 million from former U.S. Senator Herb Kohl and served as the team’s governor during Milwaukee’s 2021 NBA championship run.
Lasry presently chairs and serves as CEO of Avenue Capital, whose Avenue Sports Fund closed last year with more than $1 billion in commitments. The fund focuses on investments in teams, leagues, and sports‑related enterprises.
Jerry Colangelo, former owner of the Phoenix Suns, announced in July that he was joining the bidding with his Las Vegas Jacks group. His entry came one month after Bill Foley, majority owner of the NHL’s Vegas Golden Knights, said he wanted to bring an NBA franchise to the city.
Colangelo’s Jacks group and Foley’s Golden Knights organization began discussing a partnership four months ago and have since agreed to combine forces. The alliance leverages Foley’s deep ties to Las Vegas, the Jacks’ arena development plans, and the group’s relationships with key league stakeholders. Foley indicated in June that the prospective NBA team would initially play at T‑Mobile Arena, home of the Golden Knights, though sources say a new arena would be constructed if the combined bid succeeds.
The Jacks consortium features former Turner Sports president David Levy and Scott Colangelo, a managing partner at Prime Capital Financial. Former NBA player and coach Vinny Del Negro and ESPN basketball analyst Jay Williams, both ex‑NBA players, also comprise the ownership group.
Jerry Colangelo, a Basketball Hall of Famer, sold the Phoenix Suns in 2004 for a then‑record $401 million. A four‑time NBA Executive of the Year, he served as managing director of USA Basketball from 2005 to 2021, leading the program to four Olympic gold medals. Colangelo has been chairman of the Naismith Memorial Basketball Hall of Fame since 2009.
Bill Foley, whose net worth Forbes places at $2.5 billion, also owns AFC Bournemouth of England’s Premier League.
Also Read
- Amanda Huber Counters Hateful Twitter Accusation Concerning Brodie Lee Jr.
- Overshadowed by USMNT’s talented teens, Berhalter is stealing the spotlight
- USMNT’s Young Core Shows Promise Amidst Growing Pains in Chile Victory
- Giants don’t plan to add Odell Beckham Jr. to the practice squad “at this time”