The National Basketball Association announced Tuesday that it has reduced the pool of prospective owners for a new Las Vegas franchise to three finalists. The three groups are: Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos with Marc Lasry; and Bill Foley together with Jerry Colangelo. The league says a decision will be made “in the very near future,” with formal approval expected before the end of the calendar year.
Who’s in the running
Bill Laurie previously owned the NHL’s St. Louis Blues, and his wife Nancy Walton Laurie is the daughter of Walmart co‑founder James “Bud” Walton. The Walton family has a long history of high‑profile sports investments, including Nancy’s cousin Rob Walton, who controls the NFL’s Denver Broncos.
Steve Apostolopoulos has pursued major sports deals before, though his attempts to purchase the NHL’s Ottawa Senators and the NFL’s Washington Commanders fell through. He is partnered in this bid by Marc Lasry, a former co‑owner of the Milwaukee Bucks from 2014‑2023.
Jerry Colangelo brings a Basketball Hall of Fame résumé after decades of ownership of the Phoenix Suns and service on multiple owners’ committees. His partner, Bill Foley, is the majority owner of the NHL’s Vegas Golden Knights and has been a vocal advocate for bringing an NBA team to the city.
Arena options
The Golden Knights currently play in the 10‑year‑old T‑Mobile Arena, which has already hosted NBA events such as the NBA Cup. ESPN reports that the arena could serve as a temporary home for the new franchise, but the league’s owners are also considering a purpose‑built arena if the Foley/Colangelo group wins the bid.
Timeline and broader expansion
The NBA is targeting a start date as early as the 2028‑29 season for both the Las Vegas and Seattle expansion teams. According to the report, the runners‑up in the Las Vegas selection process could still be involved in the Seattle bid, suggesting a coordinated approach to the league’s two‑team growth plan.
What this means for Nevada
Adding an NBA franchise would deepen Nevada’s professional‑sports footprint, complementing the success of the Golden Knights and the Las Vegas Raiders. Local officials and business leaders have expressed optimism that a new team could spur further economic development, create jobs, and boost tourism in a city already known for its entertainment offerings.
Next steps
The NBA’s Board of Governors will convene later this year to vote on the ownership group and to approve the expansion plan. Once approved, the league will work with the chosen owners to finalize arena details, secure financing, and begin the player‑selection process through an expansion draft.
Fans in Las Vegas can look forward to hearing the final decision before the year ends, with the hope that the city will welcome its first NBA team in just a few short years.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
