Las Vegas NBA Expansion Bid Reportedly Expected to Top $12B, Finalist Groups Revealed

The NBA's expansion team in Las Vegas is getting closer to coming to fruition.

Per ESPN's Shams Charania, the league is expected to select the winning big for the owner of the new team "in the very near future," and the franchise and new arena will come with a $12-13 billion price tag.

The finalists for the group 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, the two have ties to Las Vegas, as they own a home in Henderson, Nevada.

Apostolopoulos is a Canadian businessman who owns the real estate firm Triple Group of Companies, founded the private equity firm Six Ventures and the credit card firm Caary.

He previously tried 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 is leading a group that includes his brothers and Lasry. Lasry previously co-owned the Milwaukee Bucks and was an owner of the Cleveland Browns before he sold his stake to Jimmy and Dee Haslam in 2023.

According to Charania, Colangelo and Foley discussed joining forces for months and recently agreed to bring their groups together.

Colangelo owned the Phoenix Suns for nearly 20 years, selling them in 2004 for $401 million, a record at the time. Foley brought Las Vegas its first hockey team, the Golden Knights, 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 will instead build a new arena if they win the bid.

Colangelo and Foley's bidding group also includes former Turner Sports president David Levy and Scott Colangelo, a managing partner at Prime Capital Financial, as well as former NBA player and coach Vinny Del Negro and ESPN basketball analyst Jay Williams.

With expansion into Las Vegas seemingly on the horizon, Seattle remains a potential city to get a new franchise. Charania reported earlier this month that "Seattle conversations are continuing as well," with bidding expected to be around $7 billion.

The league is targeting the 2027-28 season as the start date for both expansion teams.