The NBA is entering the final phase of a six-year expansion process, with league officials expected to select a winning ownership group for a new Las Vegas franchise in the near future. Commissioner
Strategic adviser PJT Partners is currently managing the bidding process, which has seen significantly more robust interest in Las Vegas compared to Seattle. Industry estimates suggest the Las Vegas franchise could command a valuation of approximately $10 billion, with the successful ownership group likely required to invest an additional $2-3 billion to construct a new arena. Three primary groups are currently vying for the Las Vegas bid: Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; and Bill Foley and Jerry Colangelo.
The Path to Expansion and Potential Market Impact
While Las Vegas remains the primary focus, Seattle is widely viewed as the likely destination for a second expansion team. Samantha Holloway’s group, which includes Amazon CEO Andy Jassy and philanthropist Melinda French Gates, is considered the frontrunner for a Seattle franchise. The group holds a significant advantage due to their majority stake in Climate Pledge Arena, a state-of-the-art facility that already hosts the WNBA’s Seattle Storm and the NHL’s Seattle Kraken. Estimates place the valuation for a Seattle team at roughly $6 billion.
The expansion process has also created ripples regarding existing franchises. Reports indicate that Portland Trail Blazers owner Tom Dundon has used the potential for expansion and the threat of relocation as leverage in ongoing negotiations with local authorities regarding the Moda Center. However, league insiders note that expansion remains a far more likely outcome than relocation, particularly given the prohibitive costs associated with moving an established team, which could reach $1.5 billion to $2 billion in fees.
Financial considerations remain a central theme for the league’s 30 current owners. If the two new franchises generate between $15 billion and $18 billion in total expansion fees, each existing owner could receive a windfall of approximately $500-600 million. These fees are not classified as basketball-related income and will not be shared with players. While there is strong momentum, some owners have expressed reservations regarding the potential dilution of talent and revenue. Approval requires a two-thirds majority vote, and league leadership is currently working to secure the necessary support to ensure the expansion proceeds in time for the new teams to potentially begin play by the 2028-29 season.
