The NBA is reportedly moving closer to selecting an ownership group for a Las Vegas expansion franchise, with the team and a new arena expected to cost at least $12 billion to $13 billion.
Three groups remain in contention: NNBA nears decision on Las Vegas expansionancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; and Bill Foley and Jerry Colangelo.
The league reportedly plans to formally approve two expansion teams by the end of December. Las Vegas is progressing faster than Seattle because of stronger competition among bidders and the need to develop a new arena. Seattle already has Climate Pledge Arena available.
Walton Laurie is the daughter of Walmart co-founder James “Bud” Walton, while her husband previously owned the NHL’s St. Louis Blues. Their combined net worth is estimated at $17 billion.
Apostolopoulos previously pursued the Charlotte Hornets and Washington Commanders. His current group includes his brothers Jim and Peter, along with Lasry, a former Milwaukee Bucks co-owner.
The third group combines Foley, majority owner of the Vegas Golden Knights, with former Phoenix Suns owner Colangelo. Their bid also includes David Levy, Scott Colangelo, Vinny Del Negro and Jay Williams.
Although T-Mobile Arena has previously been discussed as an option, a new arena is reportedly expected to be constructed if the Foley-Colangelo group wins the Las Vegas franchise.
