The NBA is closing in on a record-setting expansion deal in Las Vegas, reviewing three finalist ownership groups willing to pay $12 billion to $13 billion for the franchise and a new arena, sources told ESPN.
The league expects to select a winning bid soon and will hold a formal approval vote on two expansion teams by the end of December. The NBA has targeted the 2028-29 season for both teams to begin play.
The three finalist groups are Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; and Bill Foley and Jerry Colangelo, according to the sources.
Las Vegas is moving ahead of Seattle in the process for two reasons: a livelier bidding market with higher offers, and the logistics of building a new arena versus Seattle, where Climate Pledge Arena already stands ready. The runners-up in the Las Vegas process could also join the Seattle bid, the sources said.
Nancy Walton Laurie is the daughter of Walmart co-founder James "Bud" Walton. Her husband, Bill Laurie, formerly owned the NHL's St. Louis Blues. The couple owns a home in Henderson, Nevada, and has a net worth of $17 billion, according to Forbes.
Apostolopoulos, a 46-year-old Canadian billionaire, explored buying the Charlotte Hornets from Michael Jordan in 2023 before turning his attention to the NFL's Washington Commanders. That team sold for $6.05 billion to a group led by Josh Harris. Apostolopoulos has made clear he wants a portfolio across multiple sports leagues. He leads his group with his brothers, Jim and Peter, with Lasry as a partner.
Lasry is the former co-owner of the Milwaukee Bucks. He sold his stake to Cleveland Browns owners Jimmy and Dee Haslam in 2023 at a $3.5 billion valuation. Lasry bought the Bucks in 2014 for $550 million from former U.S. Senator Herb Kohl and served as the team's governor.
The price reflects how far NBA franchise values have climbed. The Boston Celtics sold in 2025 for a record $6.1 billion. A $12 billion-plus expansion fee for Las Vegas would roughly double that mark and signal the league's confidence in the market.
Foley owns the NHL's Vegas Golden Knights, who began play in 2017 and won the Stanley Cup in 2023. Colangelo is a longtime NBA executive and former owner of the Phoenix Suns.
The league has not commented publicly on the expansion talks.
