NBA Expansion Process Advances For Las Vegas, Seattle Franchises

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The NBA's expansion process is gaining momentum as the league evaluates potential new franchises in Las Vegas and Seattle, according to sources cited by The Athletic.

The league and financial advisory firm PJT Partners recently asked interested bidders to submit preliminary information, including cap-table sketches, investor details and proposed purchase prices.

Groups pursuing a Las Vegas franchise face a second, more detailed submission deadline in September, while only one bidding deadline currently exists for Seattle.

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The useful part

The NBA's expansion process is gaining momentum as the league evaluates potential new franchises in Las Vegas and Seattle, according to sources cited by The Athletic. The league and financial advisory firm PJT Partners recently asked interested bidders to submit preliminary information, including cap-table sketches, investor details and proposed purchase prices. Groups pursuing a Las Vegas franchise face a second, more detailed submission deadline in September, while only one bidding deadline currently exists for Seattle.

How it works

Sources believe the NBA intends to finalize a Las Vegas ownership group before turning attention to Seattle.
The NBA has indicated it is seeking $7 billion to $10 billion for each new franchise, with Las Vegas expected to command the higher end of that range.
Some industry estimates place a potential Las Vegas price tag near $9 billion.
Vegas Golden Knights owner Bill Foley and Walmart heirs Nancy Walton Laurie and Bill Laurie are considered among the leading contenders for the Las Vegas franchise, alongside at least one additional...
Foley previously brought the expansion Golden Knights to Las Vegas a decade ago, a franchise that has since reached two Stanley Cup Finals and won a championship in 2023.

What to take from it

"I wouldn't conclude that because there aren't other public gro... "We're going to do it on steroids with an NBA team." Samantha Holloway, owner of the NHL's Seattle Kraken, remains the only publicly known bidder for a Seattle franchise. Adam Silver indicated additional interest may exist beyond what has been publicly reported.

Details worth keeping

A separate group featuring longtime NBA executive Jerry Colangelo, former NBA head coach and player Vinny Del Negro and former Turner Broadcasting president David Levy has also emerged as a bidder, reportedly capable of raising up to $13 billion for a franchise and new arena. "We did a couple things really well," Foley told The Athletic last month.

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