[Charania] We’re closer on a decision on the winning bid for the Vegas team. 3 groups bid at least $10B and even more: they’re the Walton family, B.Foley (Knights’ owner) and S.Apostolopoulos. For Seattle S.Holloway (Kraken’s owner) is the leading suitor. The final decisions will be made in December
Major progress continues to happen on the NBA’s expansion front, as both Las Vegas and Seattle are gaining momentum toward finally having their own franchises.
Appearing on Inside the NBA, ESPN insider Shams Charania revealed that the league is getting closer to choosing the winning group for Vegas, where all three finalists have reached $10 billion or more in their bids.
“The NBA is getting closer and closer on a decision and a ruling on the winning bid for the Las Vegas group. My understanding is sources are telling me that all three of the finalists are at $10 billion and potentially more than that,” Charania said.
“The three finalists are as follows: It’s the Walton family, Nancy Walton Laurie, and Bill Laurie, her husband. It’s Bill Foley, the owner of the Las Vegas Knights, as well as Jerry Colangelo, who’s a Basketball Hall of Famer. And the third group is headed by Steve Apostolopoulos out of Canada. He’s a billionaire. Mark Lasry, the former Bucks co-owner, and Kenny Smith.”
Details behind Las Vegas NBA team finalists Nancy Walton Laurie is a Walmart billionaire heiress, and her husband, Bill, is a real estate developer and former college basketball player. They previously owned the St. Louis Blues in the NHL.
Bill Foley is the billionaire owner who brought major league sports to Vegas with the Vegas Golden Knights of the NHL. Jerry Colangelo is a Hall of Fame executive who helped build the Phoenix Suns, while Kenny Smith is a former player and a renowned member and analyst of Inside the NBA.
Steve Apostolopoulos is a Canadian real estate billionaire who recently made multi-billion-dollar bids for the Washington Commanders (NFL) and Ottawa Senators (NHL). His partner, Marc Lasry, is a billionaire hedge fund manager who co-owned the Milwaukee Bucks from 2014 to 2023, overseeing the team’s 2021 championship before selling his stake.
According to Shams Charania, the NBA will prioritize the Las Vegas situation before pivoting to Seattle, where all things will be finalized by late December.
Samantha Holloway, the owner of the NHL’s Seattle Kraken, is the current frontrunner for the city’s pursuit of bringing back an NBA team.
“For the process, the NBA is going to select the Vegas winner, and then they’ll have to turn their attention to Seattle, where Samantha Holloway, the owner of the Seattle Kraken, is the leading suitor,” Charania noted. “She’s got Melinda Gates.
“My understanding is she’s increasing her seriousness and aggressiveness to try to get Seattle back to the NBA. So, we’ll have a decision on Kenny’s group and Samantha Holloway’s group, all by the end of December.”