Egon Durban, the Raiders’ largest minority owner and co-CEO of Silver Lake, is joining the Las Vegas NBA expansion bid group led by Walmart heiress Nancy Walton Laurie and her husband Bill Laurie, according to a report by the Sports Business Journal. Durban owns 22 percent of the Raiders and has the right of first refusal if majority owner Mark Davis chooses to sell his stake.
Durban is worth an estimated $2.5 billion, while the Laurie family’s net worth is estimated at $18.5 billion, both figures according to Forbes. The expected NBA expansion fee is projected to be between $12 billion and $13 billion, including a $10 billion fee and $2 billion to $3 billion for constructing a new arena in Las Vegas.
The Laurie-Durban group is evaluating land near Allegiant Stadium for a potential arena, with one option being the Bali Hai Golf Club on south Las Vegas Boulevard. The site, currently under a 99-year lease to Billy Walters that expires in 2098, was previously considered by the Raiders for an NFL stadium before they selected the Russell Road location for Allegiant Stadium.
Two other finalist groups remain in the NBA expansion process: one led by Golden Knights owner Bill Foley and former Phoenix Suns owner Jerry Colangelo, and another featuring former Milwaukee Bucks co-owner Marc Lasry and Canadian billionaire Steve Apostolopoulos. PJT Partners, hired by the NBA to oversee the expansion, is reviewing the bids, with a decision expected in late October or early November.
Sources: Las Vegas Review-Journal
Original reporting: Las Vegas Review-Journal →
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