New NBA Expansion Rumors on Las Vegas, Seattle and Latest Prices for Each Team

Amid all of the current NBA franchises being sold at astronomical prices, the cost for potential expansion teams in Las Vegas and Seattle is only going up.

Per The Athletic's Mike Vorkunov, groups interested in bringing an expansion NBA franchise to Vegas have been asked by the league to submit a "more detailed portfolio" before a second bidding deadline scheduled for some time in September.

It was previously reported in March that the NBA expects bidding in the "$7-to-$10 billion range" for both Las Vegas and Seattle expansion teams.

According to Vorkunov, some within the NBA have floated $9 billion as the price point for Las Vegas. Seattle would be "expected to draw less" than Vegas in expansion fees.

Vorkunov noted there is belief that the league will select an owner for the Las Vegas franchise before moving onto Seattle, which currently only has one bidding deadline at this point.

There is a board of governors meeting set to take place in September, though it's unclear if there will be any movement on expansion at that point.

NBA commissioner Adam Silver told reporters at the Summer League in July that the league remains on track to make a decision about expansion by the end of 2026, with multiple groups making pitches for Las Vegas and Seattle.

Vorkunov cited several sources who feel Nancy Walton Laurie, an heir to the Walmart fortune, and her husband, Bill Laurie, are the frontrunners to win the bidding for the Las Vegas franchise, but that's not considered a consensus opinion.

Bill Foley, majority owner of the Vegas Golden Knights, is also viewed as a strong contender for the NBA franchise.

Speaking to Vorkunov in July about his pursuit of an NBA team in Vegas, Foley touted the Golden Knights' success with one Stanley Cup title in three Final appearances in their first nine seasons as evidence he would do well.

"We did a couple things really well," Foley said. "We're going to do it on steroids with an NBA team."

Samantha Holloway, majority owner of the Seattle Kraken, hired JPMorgan Chase and Moelis & Co. in May to help advise and structure a bid to bring an NBA team back to the city. She is the only known bidder for the Seattle franchise, but Silver has suggested there are others involved who have not been made public.

A $9 billion price tag for a Las Vegas expansion franchise would make it the second-most expensive NBA club sale behind the Los Angeles Lakers.

Mark Walter recently agreed to sell his majority stake in the Lakers at a $12.5 billion valuation.

In February, CNBC's Michael Ozanian ranked all 30 NBA teams by franchise values with the Lakers ($10 billion), Golden State Warriors ($10.8 billion) and New York Knicks ($10.1 billion) being the only clubs worth more than $9 billion.

Las Vegas has never had an NBA franchise, but the Aces are one of the most successful teams in the WNBA with three championships in the last four years.

Seattle has been without an NBA team since the SuperSonics relocated to Oklahoma City after the 2007-08 season. The WNBA has operated in the city since the Storm debuted in 2000.