NBA Nears Decision on $12-13 Billion Las Vegas Expansion Franchise

The NBA is set to award the Las Vegas expansion franchise and its arena, estimated at $12-13 billion, in the near term. Three finalist groups have emerged: Nancy Walton Laurie and Bill Laurie, Steve Apostolopoulos with Marc Lasry, and Bill Foley partnered with Jerry Colangelo. An approval process is slated for completion by the end of December, with Las Vegas expected to be confirmed before Seattle due to stronger financial offers and a more dynamic bidding environment.

The Laurie duo, linked to Walmart’s founding family and former NHL ownership, reside near Las Vegas and hold a $17 billion net worth. Apostolopoulos previously eyed the Charlotte Hornets and later shifted to NFL interests, while Lasry sold his Milwaukee Bucks stake for $3.5 billion. Foley and Colangelo, both former NBA owners, are collaborating on arena plans and league relationships.