The NBA expansion team in Las Vegas is getting closer to becoming a reality. According to ESPN’s Shams Charania, the league is expected to select the big winner for the new team’s owner “in the very near future,” and the franchise and new stadium will carry a price tag of between $12 and $13 billion. Group finalists 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 attempted to purchase the NFL’s Washington Commanders and the NHL’s Ottawa Senators before they were sold elsewhere. Charania noted that the billionaire also talked about purchasing the Charlotte Hornets from Michael Jordan in 2023. Apostolopoulos leads a group that includes his brothers and Lasry. Lasry previously co-owned the Milwaukee Bucks and owned the Cleveland Browns before selling his stake to Jimmy and Dee Haslam in 2023. According to Charania, Colangelo and Foley discussed joining forces for months and recently agreed to reunite their camps. Colangelo owned the Phoenix Suns for nearly 20 years, selling them in 2004 for $401 million, a record at the time. Foley brought his first hockey team, the Golden Knights, to Las Vegas 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 build a new stadium if they win the bid. Colangelo and Foley’s offer group also includes former Turner Sports president David Levy and Prime Capital Financial managing partner Scott Colangelo, as well as former NBA player and coach Vinny Del Negro and ESPN basketball analyst Jay. Williams. With expansion to Las Vegas seemingly on the horizon, Seattle remains a potential city to land a new franchise. Charania reported earlier this month that “talks in Seattle are also continuing,” with the offer expected to be around $7 billion. The league is targeting the 2027-28 season as the start date for both expansion teams.
