The NBA is close to picking an owner for its Las Vegas expansion team. ESPN reports the price will be at least $12-13 billion for the team and a new arena.
Three groups are left: Bill Foley and Jerry Colangelo, Nancy Walton Laurie and Bill Laurie, and Steve Apostolopoulos and Marc Lasry.
Back in March, bids were expected to come in at $7-10 billion. Vegas went way past that.
| Ownership Group | Odds | Implied Probability |
|---|---|---|
| Bill Foley / Jerry Colangelo | +110 | 47.6% |
| Nancy Walton Laurie / Bill Laurie | +160 | 38.5% |
| Steve Apostolopoulos / Marc Lasry | +275 | 26.7% |
| Field | +2500 | 3.8% |
Bill Foley and Jerry Colangelo, +110
Foley owns the Golden Knights. Colangelo used to own the Suns. They started as competing bidders and ended up on the same team.
Foley built the Knights from scratch into a 2023 Stanley Cup champ. Colangelo was running an expansion NBA team in Phoenix at 28 years old. Nobody else has that résumé.
Colangelo’s Las Vegas Jacks group said it had $5 billion committed and another $3 billion lined up. The one question mark is the arena. Foley wanted to use T-Mobile Arena, but sources say they’d build a new one if they win.
Nancy Walton Laurie and Bill Laurie, +160
Nobody has more money. The couple is worth about $17.8 billion, and they live in Henderson.
Nancy is the daughter of Walmart co-founder Bud Walton. Her sister is married to Stan Kroenke, who owns the Nuggets.
They owned the St. Louis Blues until 2006. Bill Laurie also nearly bought the Vancouver Grizzlies in 2000 to move them to St. Louis, but that fell apart.
They’ve been quiet through this whole process, which makes them tough to read.
Steve Apostolopoulos and Marc Lasry, +275
Apostolopoulos is a Canadian billionaire who keeps trying to buy a team. He talked with Michael Jordan about the Hornets in 2023, went after the Commanders, and pulled a bid for the Senators.
Lasry gives the group NBA experience. He co-owned the Bucks and sold his stake in 2023 at a $3.5 billion valuation.
They have the least Vegas connection of the three, so they sit third.
The Field, +2500
Bob Iger, Josh Kushner and Magic Johnson were all linked to Vegas bids this summer. None made the final three.
Tilman Fertitta, who owns the Rockets and is buying Caesars, gets mentioned as a dark horse. We’d need to see a lot more before moving this number.
When Will We Know?
Soon. The NBA plans to finalize both expansion teams by the end of December, and Vegas comes first.
Whoever loses in Vegas could still join the Seattle race. Both teams are targeted to start play in the 2028-29 season.
Odds and implied probabilities reflect our own handicapping for informational and entertainment purposes only, not a licensed sportsbook market. Gamble responsibly.