The NBA is nearing a decision on who would own its Las Vegas expansion team, with the franchise and a new arena expected to cost $12 billion to $13 billion — and potentially more.
Three ownership groups remain in contention, and a selection is approaching. The price covers both the team and its new home, making the arena a central part of the proposal rather than a separate expense to be added afterward.
The financial distinction matters: The full amount cannot be treated as the price of the franchise alone.
Who is bidding for the Las Vegas NBA team?
The finalists are Nancy Walton Laurie and Bill Laurie, Steve Apostolopoulos and Marc Lasry, and Bill Foley and Jerry Colangelo.
Nancy Walton Laurie is a Walmart heiress, and the Lauries own a home in Henderson, Nevada. Apostolopoulos is a Canadian businessman who previously pursued the Washington Commanders and Ottawa Senators. His partner, Lasry, is a former Milwaukee Bucks co-owner.
Foley and Colangelo bring different sports ownership backgrounds to their joint bid. Foley owns the Vegas Golden Knights, while Colangelo previously owned the Phoenix Suns. They initially pursued separate bids before combining their efforts, Seeman reported.
Colangelo had emphasized the uncertainty of the competition in a Sept. 16 interview, before Tuesday’s report narrowed the field to three finalists.
“You just don’t know what the owners are going to do in terms of a vote,” Colangelo said.
Why the arena question matters for Las Vegas and Seattle
Commissioner Adam Silver explained the difference between the two expansion markets after the Sept. 15 Board of Governors meeting.
Las Vegas still had unresolved questions about where a team would play, while the NBA had already inspected Climate Pledge Arena in Seattle.
Silver said the Seattle building could require modifications for basketball, but stressed how much further along it was.
“If we were opening in five weeks, we could be ready in Seattle,” Silver said.
That was an illustration of arena readiness, not an announcement that a Seattle franchise would begin playing in five weeks. Silver said the league devoted more discussion to Las Vegas because its venue decisions involved a longer lead time.
At that meeting, Silver described two possibilities for Las Vegas: substantial improvements to T-Mobile Arena or construction of a new entertainment venue. He also said choosing a site at that stage would have been premature. Tuesday’s report now includes a new arena in the projected cost.
T-Mobile’s role in the NBA calendar has already been changing, with the 2026 NBA Cup final moving from Las Vegas to Hinkle Fieldhouse in Indianapolis. An expansion team would raise a different question: where to establish a permanent home for a full NBA schedule.
What still has to happen before a team takes the floor?
The NBA authorized a formal exploration of expansion to both cities on March 25 and hired PJT Partners to evaluate potential owners, arenas, markets and the financial implications. That vote began the process without awarding either franchise.
The formal approval proceedings will be in December. Also, an unsuccessful Las Vegas bidder could still pursue Seattle, potentially connecting the two ownership searches.
The league is targeting the 2028-29 season if it expands. That remains a target, not a confirmed debut date. Selecting an owner would answer one major question, but approval and the venue plan still stand between the bidding process and an NBA team taking the floor.
