At Least $12 Billion: Three Groups Left in the Race for an NBA Team in Las Vegas

The NBA is down to three groups for its Las Vegas expansion team, and the price for the franchise plus a new arena is expected to be at least $12 billion to $13 billion, sources told ESPN.

A winner could be picked very soon. The league plans a formal approval vote on two expansion teams, Las Vegas and Seattle, by the end of December, and has targeted the 2028-29 season for both to start playing.

The finalists

• Nancy Walton Laurie and Bill Laurie. She is the daughter of Walmart co-founder James "Bud" Walton, and he once owned the NHL's St. Louis Blues. They have a home in nearby Henderson and a net worth Forbes puts at $17 billion.

• Steve Apostolopoulos and Marc Lasry. The Canadian billionaire, who leads the group with his brothers Jim and Peter, once talked about buying the Hornets before turning his attention to the Commanders. Lasry is a former Bucks co-owner who bought in for $550 million in 2014 and sold at a $3.5 billion valuation in 2023.

• Bill Foley and Jerry Colangelo.

Why Vegas goes first

There are a few reasons the league is finishing Las Vegas before Seattle. The bidding in Vegas is livelier, with higher offers. A Vegas team also needs a new arena built, while Seattle already has Climate Pledge Arena ready to go. And whoever loses out in Las Vegas could turn around and bid for Seattle.

The next few weeks should settle who gets the first of the two new teams, and at what price.