NBA Narrows Las Vegas Expansion Race to Three Finalist Ownership Groups

Posted : 30 September 2026

The NBA is closing in on a decision over ownership of its proposed Las Vegas expansion franchise, with three groups remaining in contention for a deal that could be worth between $12 billion and $13 billion when the team and a new arena are included. The league is expected to select its preferred bidder in the near future.

The three finalist groups are led by Nancy Walton Laurie and her husband, Bill Laurie; Canadian businessman Steve Apostolopoulos alongside former Milwaukee Bucks co-owner Marc Lasry; and a partnership between Vegas Golden Knights owner Bill Foley and Basketball Hall of Famer Jerry Colangelo.

The NBA formally began exploring expansion into Las Vegas and Seattle in March after its Board of Governors authorized the process. The league has brought in investment bank PJT Partners to assess potential ownership groups, arena plans, markets and the broader financial implications of adding new franchises.

Las Vegas has moved ahead in the process partly because of the level of interest from prospective ownership groups and the scale of the bids. Seattle already has Climate Pledge Arena available as a potential home, while the Las Vegas project involves plans for a new arena, adding another major component to the expansion process.

The Laurie group brings substantial financial resources and previous professional sports ownership experience. Nancy Walton Laurie is the daughter of Walmart co-founder James “Bud” Walton, while Bill Laurie previously owned the NHL’s St. Louis Blues. The couple also has a residence in the Las Vegas area.

Apostolopoulos and Lasry also have experience pursuing and owning major sports franchises. Lasry was part of the ownership group that bought the Milwaukee Bucks in 2014 before selling his stake in 2023. Apostolopoulos has previously pursued ownership opportunities involving other major North American sports teams.

Foley and Colangelo combine strong connections to Las Vegas with extensive basketball experience. Foley is the majority owner of the NHL’s Vegas Golden Knights, while Colangelo previously owned the Phoenix Suns and has held several prominent positions within American basketball. If their group wins the bid, reports indicate that a new arena would be developed rather than making T-Mobile Arena the long-term home of the NBA team.

The NBA is targeting the 2028-29 season as the earliest possible debut for expansion teams in Las Vegas and Seattle. The league is expected to conduct its formal approval process for the expansion franchises before the end of December.

The reported $12 billion to $13 billion figure would make the Las Vegas project one of the most expensive franchise transactions in professional sports. The exact portion attributable to the franchise itself versus the proposed arena has not been publicly established.

The NBA has not yet officially awarded the Las Vegas franchise, and the league's broader expansion process still requires final approval from its Board of Governors. The outcome of the Las Vegas bidding process could also influence the ownership race for the proposed Seattle franchise.

NBA Narrows Las Vegas Expansion Race to Three Finalist Ownership Groups

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