sports
Golden Knights Owner Launches Bid for NBA Team in Las Vegas
The owner of the Vegas Golden Knights announced a formal bid to bring an NBA expansion franchise to the city. The move follows the league's March approval to explore new teams in Las Vegas and Seattle.
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The majority owner of the Vegas Golden Knights announced Monday that he is launching a bid to bring an NBA expansion franchise to Las Vegas. The announcement follows the NBA board of governors' March vote authorizing expansion bids exclusively for Las Vegas and Seattle. A source told ESPN that all 30 owners supported the exploration, with expected bids ranging from $7 billion to $10 billion.
The bidder also owns soccer clubs in England, France, Portugal and Australia. He has retained Morgan Stanley & Co. LLC as financial adviser and Simpson Thacher & Bartlett LLP as legal counsel. The law firm previously advised on NBA ownership transactions involving the Brooklyn Nets and San Antonio Spurs.
The prospective team would play at T-Mobile Arena, which seats 18,000 for basketball and has hosted college and professional games since opening in 2016. "Las Vegas has earned its place among great sports cities in America, and an NBA team belongs here," the bidder said in a statement.
" The statement added that the bidder plans to include "a limited number of strategic and minority partners" chosen for alignment with league ownership policy.
The Golden Knights reached the Stanley Cup Final in their first season in 2018 and won the Cup in 2023. The franchise has made the playoffs in all but one season since inception. Las Vegas already hosts the WNBA's Las Vegas Aces, who began play in Nevada in 2018.
The city has shifted from hosting one-off combat sports events to supporting multiple year-round professional teams. If successful, the bidder would join a group of owners who hold teams in both the NHL and NBA.
