The NBA is set to choose the owner for its new Las Vegas expansion franchise imminently, with a price tag hitting $12 to $13 billion. The league has narrowed the field to three finalist groups, and a decision is expected before the year ends.
The massive fee reflects the soaring value of NBA franchises. It's not only a team purchase. The winning bid includes plans for a brand-new arena, likely as part of a larger resort complex. Commissioner Adam Silver indicated the existing T-Mobile Arena would need major upgrades, so a new building is the probable path. This move solidifies Las Vegas as a premier sports destination, joining the city's existing NHL and WNBA teams.
Three powerful groups are in the running. Bill Foley, owner of the NHL's Golden Knights, has partnered with former Phoenix Suns owner Jerry Colangelo. Their plan involves constructing a new arena. Another group features Nancy Walton Laurie and Bill Laurie, with deep ties to the Walmart fortune and the Las Vegas area. The third is led by Marc Lasry, the former Milwaukee Bucks co-owner, who is teaming up with Canadian billionaire Steve Apostolopoulos.
While the league makes billion-dollar plans, the Lakers are focused on their playoff campaign. The series against Houston has been a battle, with the Lakers also posting a 112-108 win on April 25 and a 101-94 victory on April 22.
Consistency on the perimeter and in the paint will be key for the Lakers as they advance. The business of the league and the performance on the court are both moving at a fast pace.
The NBA will formally approve the Las Vegas ownership group soon, then shift focus to Seattle for a second expansion team. Seattle's situation is different, with a ready arena and a likely lower franchise cost. Some losing bidders from Vegas could enter the Seattle conversation later.
For the Lakers, the immediate future is the next round of the playoffs. As the league landscape prepares to grow, the Lakers aim to ensure their own story this postseason is just as significant.
