The National Basketball Association is reviewing the final bids for ownership of its upcoming Las Vegas expansion franchise, with a decision expected in the coming weeks. The league has narrowed the field to three consortiums that will compete for the right to purchase the new team.
The finalist groups are: Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos together with Marc Lasry; and Bill Foley partnered with former Phoenix Suns executive Jerry Colangelo.
Industry sources say the franchise is being valued at roughly $12 billion to $13 billion, a price range that reflects both the market potential of Las Vegas and the NBA’s broader expansion strategy.
The NBA’s expansion committee has been evaluating each proposal against criteria that include financial strength, ownership experience, and plans for community engagement. While the league has not set a firm deadline, officials indicated that a selection could be announced before the start of the next season.
Securing an owner for the Las Vegas team is a critical step for the NBA, which aims to tap the city’s growing sports market and tourism infrastructure. The final decision will determine who will shape the franchise’s identity and operations as it prepares to join the league.
<small>Source: ESPN — read the original story there.</small>
