sports
Bill Foley Launches Bid for NBA Expansion Team in Las Vegas
Bill Foley announced Monday he will pursue an NBA expansion franchise for Las Vegas. The bid follows the NBA board of governors' March vote to explore teams in Las Vegas and Seattle.
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Vegas Golden Knights founder and majority owner Bill Foley announced Monday that he is launching a bid to bring an NBA franchise to Las Vegas. ESPN reported that the NBA's board of governors approved a vote in late March to explore bids exclusively for expansion franchises in Las Vegas and Seattle, with all 30 owners voting in favor.
The bidding process is expected to generate offers in the $7 billion to $10 billion range, according to a source cited by ESPN's Shams Charania.
Foley, whom Forbes estimates is worth $2.6 billion, owns soccer clubs in England, France, Portugal and Australia. He has retained Morgan Stanley & Co. LLC as financial adviser and the law firm Simpson Thacher & Bartlett LLP, which has advised on prior NBA ownership transactions involving the Brooklyn Nets and San Antonio Spurs.
Foley said he expects the bid group to include a limited number of strategic and minority partners selected for alignment with the franchise's long-term vision. "Las Vegas has earned its place among great sports cities in America, and an NBA team belongs here," Foley stated.
He added that the group built the Golden Knights into a championship organization and intends to apply the same approach, noting the market, T-Mobile Arena and existing organization are in place.
Foley plans for the team to play at T-Mobile Arena, which opened in April 2016 and seats 18,000 for basketball. The venue's capacity is slightly larger or within 500 fans of 15 current NBA arenas. The Golden Knights reached the Stanley Cup Final in their first season in 2018, won the Cup in 2023 and advanced to the Final again in 2026.
If successful, Foley would become the seventh NHL owner or ownership group to hold teams in both leagues. The group includes owners of the New York Knicks and Rangers, New Jersey Devils and Philadelphia 76ers, Colorado Avalanche and Denver Nuggets, Washington Capitals and Wizards, Utah Jazz and Utah Mammoth, and Carolina Hurricanes and Portland Trail Blazers.
