The competition to land Las Vegas its first NBA franchise just got smaller. A group led by former Milwaukee Bucks co-owner Marc Lasry and Canadian billionaire Steve Apostolopoulos has dropped out of the running, leaving just two bidders standing as the price tag for a Las Vegas team keeps climbing toward the billions.
Lasry Group Exits as Price Climbed to $10 Billion
According to the Las Vegas Review-Journal, which cited Sports Business Journal, the Lasry-Apostolopoulos group had bid between $9 billion and $9.5 billion before walking away as the price climbed to $10 billion. “Then there were two,” the outlet put it, summing up a bidding process that has now shed one of its three known contenders.
That leaves the Walton-Laurie group — made up of Walmart heiress Nancy Walton Laurie, her husband Bill Laurie and Raiders minority owner and Silver Lake co-CEO Egon Durban — facing off against a group led by Golden Knights owner Bill Foley and former Phoenix Suns owner Jerry Colangelo. The Review-Journal describes the Walton-Laurie group as the heavy favorite to land the franchise.
Estimates on Price Still Vary
Exactly how much the winning bidder will have to pay remains murky, with different outlets reporting different figures. The Review-Journal reports the winning bid is expected to be at least $10 billion, plus a separate arena construction cost of roughly $2 billion to $3 billion. ESPN, however, has reported a combined price of at least $12 billion to $13 billion for the franchise and a new arena together, according to ESPN.
Where any new arena would actually go is also still being sorted out. The Review-Journal's report notes the north Strip is viewed as the favorite location, though the south Strip remains in play.
Silver Says Process Is Still Unfolding
NBA Commissioner Adam Silver, speaking on ESPN's The Pat McAfee Show, said the expansion process is still unfolding and did not indicate when a decision on ownership might be finalized. Several groups, he said, are now even considering building a brand-new arena in town. “Las Vegas seems to have an insatiable appetite for sports and entertainment,” Silver said, per the same Review-Journal report.
The Review-Journal had previously reported that a decision on the winning bid group could come by the end of October or in early November. The NBA has also brought in investment bank PJT Partners to evaluate prospective markets, ownership groups, arena infrastructure and the broader economic implications of expansion, according to NBA.com.
Seattle Still in the Mix, Along With a Timeline Question
Las Vegas isn't the league's only expansion conversation. Seattle remains the other city under consideration, and Silver has said the NBA is closely examining a return to the market that was once home to the SuperSonics. Climate Pledge Arena, the Review-Journal notes, would likely need upgrades to meet NBA standards.
Expansion discussions are “ongoing about Las Vegas and Seattle right now,” Silver said earlier this week, as reported by Sports Business Journal, which also quoted him saying Seattle “already has a great arena” and a “great NBA tradition there.” Silver added that the league is looking at Mexico City “down the road” as a future possibility. The New York Times' The Athletic has reported the NBA appears likely to decide on Las Vegas first, and that any group that loses the Las Vegas bid could pivot to try to bring a franchise back to Seattle instead, according to The Athletic.
As for when fans might actually see a team tip off, a Las Vegas expansion franchise could begin play in either the 2028-29 or 2029-30 season, with 2029-30 appearing more realistic if a new arena needs to be built from scratch. The Athletic has reported the NBA has explored pushing a Las Vegas debut from 2028-29 to 2029-30. For now, with one bidder gone and two left standing, Las Vegas waits to see which group — and which price tag — ultimately wins out.
