The race to bring an NBA franchise to Las Vegas is getting real. A new bid deadline passed this week with three ownership groups still active, and the league wants a vote at its Board of Governors before December 31, 2026.
Three groups are still competing: one led by Golden Knights owner Bill Foley; another by Walmart heiress Nancy Walton Laurie and her husband Bill Laurie; and the Las Vegas Jacks, a coalition including former Phoenix Suns executive Jerry Colangelo and ex-player/coach Vinny Del Negro. All three submitted updated materials ahead of Thursday’s deadline.
One group out, price tag in focus
The field thinned when Joshua Kushner and former Disney CEO Bob Iger dropped their Las Vegas bid after buying a majority stake in the Los Angeles Lakers for $12.5 billion. Their exit left three credible candidates with serious arena plans.
Commissioner Adam Silver, speaking in September, said the NBA is weighing two scenarios for a future Las Vegas arena: upgrading T-Mobile Arena or building new. Some groups presented what he called a “modern entertainment palace.” No site has been chosen.
The franchise fee is expected to fall between $7 billion and $10 billion, with Las Vegas near the top of that range. Industry sources have cited $9 billion as a working figure – making this potentially the most expensive sports franchise grant in history.
Seattle in the mix, Europe on the horizon
Seattle is also pursuing expansion to bring back the SuperSonics, and the NBA’s Board of Governors formally voted earlier this year to explore both cities. Silver has said the league could add “zero, one or two” teams – no city is guaranteed anything.
Any new franchise is targeting the 2028-29 season. Silver has mentioned NBA Europe as a longer-term goal, but Las Vegas and Seattle are the immediate focus.
Whether Las Vegas gets a team – and which group wins the bid – will be one of the defining business stories in basketball this fall.
Sources: Las Vegas Review-Journal, Yahoo Sports
