The NBA expansion team in Las Vegas is one step closer to coming to fruition.
According to ESPN’s Shams Charania, the league is expected to select the big winner for ownership of the new team “in the very near future,” and the franchise and new arena will cost between $12 billion and $13 billion.
Group finalists include Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; Bill Foley and Jerry Colangelo.
Nancy Walton Lauri is the daughter of Walmart co-founder James Walton and is married to Bill Laurie, the former owner of the NHL’s St. Louis Blues. According to Charania, both men have ties to Las Vegas, as they own a home in Henderson, Nevada.
Apostolopoulos is a Canadian businessman who owns real estate company Triple Group of Companies, founded private equity firm Six Ventures and credit card company Caary.
He previously attempted to purchase the NFL’s Washington Commanders and the NHL’s Ottawa Senators before they were sold to other parties. Charania noted that the billionaire also discussed buying the Charlotte Hornets from Michael Jordan in 2023.
Apostolopoulos leads a group that includes his brothers and Lasry. Lasry previously co-owned the Milwaukee Bucks and owned the Cleveland Browns before selling his stake to Jimmy and Dee Haslam in 2023.
According to Charania, Colangelo and Foley have discussed joining forces for months and recently agreed to reunite their groups.
Colangelo owned the Phoenix Suns for nearly 20 years and sold them in 2004 for $401 million, a record at the time. Foley brought his first hockey team, the Golden Knights, to Las Vegas in 2017 and remains the majority owner of the team. Foley also owns AFC Bournemouth of the English Premier League.
Charania noted that Foley previously said an expansion team in Las Vegas would play at T-Mobile Arena, where the Golden Knights play, but he and Colangelo’s group would instead build a new arena if they win the bid.
Colangelo and Foley’s candidacy group also includes former Turner Sports chairman David Levy and Scott Colangelo, managing partner at Prime Capital Financial, as well as former NBA player and coach Vinny Del Negro and ESPN basketball analyst Jay Williams.
With an expansion to Las Vegas seemingly on the horizon, Seattle remains a potential city to acquire a new franchise. Charania reported earlier this month that “discussions in Seattle are also continuing,” with bidding estimated at around $7 billion.
The league is targeting the 2027-28 season as the start date for both expansion teams.
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