NBA Expansion Bidding More Competitive In Las Vegas Than Seattle

PJT and the NBA declined to comment. League executives believe each franchise could fetch between 7 billion and 10 billion. The Los Angeles Lakers sold for 10 billion last year, the only majority-stake sports transaction globally to reach that figure. The Boston Celtics set a prior benchmark in 2025 at 6.1 billion. The only discussion in the room was understanding the math around dilution, in terms of projection, and what's the direct reduction in existing revenues to teams if we were to expand beginning in 2028 or 2029, Commissioner Adam Silver said in March. Among those pursuing a Las Vegas franchise are NBA Hall of Famer Magic Johnson, Vegas Golden Knights owner Bill Foley, and Avenue Capital Group founder Marc Lasry. Johnson met with Nevada Governor Joe Lombardo earlier this year regarding a potential bid. Foley, who co-controls T-Mobile Arena with Anschutz Entertainment Group and MGM Resorts International, confirmed his interest to a Nevada television station in March. On the Seattle side, Samantha Holloway, through her firm One Roof Sports and Entertainment, which oversees the NHL's Kraken ownership group, is preparing a bid. Seattle has been without an NBA franchise since the SuperSonics relocated to Oklahoma City in 2008. We are ready to work with the Commissioner and the league, at their direction, to explore bringing the NBA back to Seattle, a One Roof spokesperson said. The NBA's board of governors is expected to vote later this year on approving one or both franchises. The league's last expansion came in 2004, when Charlotte paid 300 million for the Bobcats.