NBA weighs three bids for proposed Las Vegas expansion team
ESPN reports the franchise and a new arena could be valued at $12–13 billion or more, with a winning bid expected soon.
The NBA is reviewing bids from three finalist groups for a proposed Las Vegas expansion team, ESPN reports, citing unnamed sources. The franchise and a new arena are valued at $12–13 billion or more, though the report does not specify the terms behind that estimate.
The groups are Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; and Bill Foley and Jerry Colangelo. ESPN says the league is expected to select a preferred bid soon. No winning group has been announced.
The league is expected to hold a formal approval process on two expansion teams by the end of December, according to ESPN. That process remains prospective, and the Las Vegas team has not been approved.
ESPN reports Las Vegas is ahead of Seattle in the bidding process, citing stronger offers and the need to develop a new arena in Las Vegas. Seattle has Climate Pledge Arena as a potential home. The report says unsuccessful Las Vegas bidders could still join the Seattle process.
