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Jerry Colangelo is leading an ownership group ready to spend as much as $13 billion to bring an NBA team to Las Vegas.
NBAE via Getty Images
A group of Hollywood and sports heavyweights are engaged in a full court press to land the NBA’s potential Las Vegas expansion franchise, which could cost upwards of $10 billion.
Yesterday, a group known as the Las Vegas Jacks, led by Jerry Colangelo, announced that it had secured at least $8 billion to bid on the team, with plans for as much as $13 billion.
Colangelo is a former owner of the NBA’s Phoenix Suns who also led the expansion effort for the MLB’s Arizona Diamondbacks (he is also the former head of USA basketball). That group also includes former NBA players Vinny Del Negro and Jay Williams, as well as former Turner president David Levy.
The Colengelo-led group is one of at least four different ownership groups that are all in various stages of bidding on the potential franchise. Bill Foley, the owner of the NHL’s Vegas Golden Knights, is the other person to formally make their interest known (Foley is a minority owner of the T-Mobile Arena, the venue that at least temporarily would be home to the NBA team).
Former Disney CEO Bob Iger and Thrive Capital founder and managing partner Josh Kushner are reportedly exploring a bid of their own via Thrive Eternal, a separate investment vehicle set up by Kushner’s firm. A rep for Thrive declined to comment on the speculation; Kushner is a minority owner of the Miami Heat and he’d need to sell that stake.
Back in February, the Magic Johnson-backed group MAGI expressed interest in a Vegas team and had met with state officials including Nevada Gov. Joe Lombardo. Fellow NBA legend Shaquille O’Neal has expressed his interest in linking up with one of the ownership groups rolling the dice on Vegas. For years, LeBron James talked of leading a group to expand the NBA to Sin City, but has since backtracked on that.
Former Milwaukee Bucks owner Marc Lasry has also reportedly been interested in helming a bid.
Earlier this year, NBA commissioner Adam Silver said the league was “exploring” adding two expansion teams, one in Vegas and one in Seattle, that would start play in 2028. The intense competition for Vegas comes as the Nevada city has transformed from a gambling haven into a more fully throated sports and entertainment destination.
Since 2017, Vegas has added a WNBA team (Aces), an NHL team (Golden Knights), an NFL team (Raiders) and will eventually welcome the MLB’s Athletics. It’s been the home of one of the NBA’s Summer Leagues since 2004.
Meanwhile, the runaway leader to land Seattle’s expansion team is Samantha Holloway, who owns the city’s NHL team, the Kraken. Her ownership group includes Tim Leiweke and Jerry Bruckheimer, and just added Melinda French Gates as a minority owner.
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