The NBA is accelerating plans for a Las Vegas expansion franchise, with a fierce ownership battle emerging over a team expected to command a price of between $12 billion and $13 billion.
According to ESPN, the league could select the winning ownership group in the “very near future.”
The three finalist groups have now been identified, after NBA owners voted in March to begin examining expansion opportunities in both Las Vegas and Seattle.
A formal approval process for the two new franchises is expected to take place by the end of December, with the 2028-29 season being targeted for their arrival in the NBA.
So who are the three groups competing to lead the league’s long-awaited move into the dynamic Las Vegas market?
From the Walmart heiress to the businessman behind the USA “Redeem Team” and established sports owners, here is a look at the contenders.
The NBA is accelerating plans to bring an expansion franchise to Las Vegas in the near future
NBA Commissioner Adam Silver and the league have three groups competing for the $13 billion franchise
Walmart heiress Nancy Walton Laurie and her husband, Bill, pictured with Patrick and Brittany Mahomes, are among those seeking to buy the Las Vegas franchise
Nancy Walton Laurie and Bill Laurie
Nancy Walton Laurie inherited her fortune after her father, James “Bud” Walton, co-founded Walmart.
She and her sister became billionaires in 1995 following their father’s death, when they inherited his stakes in the retail giant.
Forbes estimates Laurie’s current net worth at $17.2 billion. Alongside her husband, she also owns a commercial real estate portfolio.
Laurie and Bill were childhood friends who began dating in college. She played basketball for the Memphis Tigers, who lost the 1973 NCAA Championship game to the UCLA Bruins.
The couple have bred horses at their 350-acre farm in Columbia, Missouri, but their primary residence is now in Henderson, Nevada, in the Las Vegas Valley.
They previously owned the NHL’s St. Louis Blues from 1999 to 2011 and also unsuccessfully pursued the Denver Nuggets in 1999, the Vancouver Grizzlies in 2000 and the Charlotte Hornets in 2001.
A quarter of a century later, the Lauries are once again pursuing NBA ownership—this time in the city they now call home.
Steve Apostolopoulos and Marc Lasry
Canadian billionaire Steve Apostolopoulos built his fortune through a range of ventures, including the real estate company Triple Group of Companies, private equity firm Six Ventures and credit card business Caary.
He has openly expressed ambitions to assemble a broad sports portfolio across multiple leagues, and the potential Las Vegas NBA franchise is his latest target.
Steve Apostolopoulos (left) has been open with his desire to entire sports ownership
Marc Lasry was owner of the Milwaukee Bucks until 2023 and is partnering the bid
He discussed buying the Charlotte Hornets in 2023 before focusing his efforts on what was ultimately an unsuccessful bid to buy the Washington Commanders. He also failed to buy NHL franchise the Ottawa Senators.
He is now leading a bid that includes Marc Lasry as a partner, the former co-owner of the Milwaukee Bucks from 2014 to 2023.
The Moroccan-American private equity manager launched a women’s sports investment fund shortly after selling his stake to the Haslam family, while also investing in The Bay Golf Club, a team in TGL, alongside NBA superstars Steph Curry, Klay Thompson and Andre Iguodala.
Bill Foley and Jerry Colangelo
Bill Foley and Jerry Colangelo are teaming up for the bid that brings the most sports ownership experience.
Foley, chairman of Fidelity National Financial, Cannae Holdings and Black Knight Financial Services, has already brought major league sports to Las Vegas with success to go with it.
He was awarded the Las Vegas Golden Knights franchise by the NHL in June 2016, entered the league in 2017 with a promise to win the Stanley Cup within six years, then did just that in 2023.
He also owns the Indoor Football League team, Vegas Knight Hawks, in the city, as well as owning multiple soccer teams – most notably English Premier League side Bournemouth.
Per Forbes, he has a $2.5 billion net worth, and his bid has joined forces with Colangelo after they discussed joining forces.
Vegas Golden Knights owner Bill Foley is also vying to buy the NBA franchise in the city
Jerry Colangelo (right) was USA Basketball director for the 2008 Beijing Olympics victory
Colangelo is fronting a Las Vegas Jacks group including former Turner Sports president David Levy, Scott Colangelo, former NBA player Vinny Del Negro and ESPN analyst Jay Williams.
Colangelo was the man behind the United States’ star-studded ‘Redeem Team’ at the 2008 Beijing Olympics after being named director of USA Basketball in 2005.
He started working in the NBA way back in 1966 and became the youngest GM in professional sports with the Phoenix Suns in 1968, the team he went on to own until he sold in 2004.
He also used to own the Phoenix Mercury of the WNBA and the Major League Baseball’s Arizona Diamondbacks, as well as helping relocate the original Winnipeg Jets of the NHL to Arizona.
He was most recently involved in the NBA as an executive with the Philadelphia 76ers until 2018, but could now be back involved with the Vegas franchise.
However, despite Foley saying the team would play at the T-Mobile Arena, home of his Golden Knights, ESPN claims even if the bid is successful, a new arena would be built.
