The NBA expansion process for a Las Vegas franchise has narrowed to two remaining ownership groups, according to a Sports Business Journal report. The bid group led by former Milwaukee Bucks co-owner Marc Lasry and Canadian billionaire Steve Apostolopoulos has dropped out of the running after the price climbed to $10 billion during the process; their group had previously bid between $9 billion and $9.5 billion.
The two groups still in contention are led by Walmart heiress Nancy Walton Laurie, her husband Bill Laurie, and Raiders minority owner and Silver Lake co-CEO Egon Durban, and a group that includes Golden Knights owner Bill Foley and former Phoenix Suns owner Jerry Colangelo. The Walton-Laurie group is considered the heavy favorite to win the bid.
The winning bid is expected to be at least $10 billion and include a separate cost of about $2 billion to $3 billion to build a new arena. The north Strip is viewed as the favorite location for the venue, though the south Strip cannot be ruled out.
NBA Commissioner Adam Silver said this week the expansion process is still unfolding and did not indicate when a decision on Las Vegas ownership could be finalized. Speaking on ESPN's "The Pat McAfee Show," Silver noted Las Vegas has an "insatiable appetite for sports and entertainment" and that several groups are considering building what "may be the most spectacular arena ever."
Sources: Las Vegas Review-Journal
Original reporting: Las Vegas Review-Journal →
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