We unveil the new information about the NBA expansion
Everything points to us having franchises in Seattle and Las Vegas very soon, and here we bring you the latest news about it.
The NBA's expansion into Las Vegas and Seattle continues to become more expensive as current franchises reach astronomical valuations. Interested groups aiming to acquire one of the two new spots will have to face figures that could make Las Vegas one of the most expensive franchises in the entire league.
The NBA raises the bar for Las Vegas
According to Mike Vorkunov from The Athletic, groups aspiring to bring an expansion franchise to Las Vegas have been tasked with presenting the league with a "more detailed portfolio" before a second deadline for submitting bids, set for sometime in September.
Back in March, it was reported that the NBA expected to receive offers between $7 billion and $10 billion for the future franchises in Las Vegas and Seattle. Now, within the league, the figure of $9 billion has been mentioned as a possible price for the Las Vegas team.
Seattle, on the other hand, is expected to generate a lower amount in terms of expansion rights.
Vorkunov additionally notes that there is a perception that the NBA could choose the owner of the Las Vegas franchise first and then focus on Seattle, which currently only has a deadline for bids.
The NBA Board of Governors is scheduled to meet in September, although it is still unclear if there will be any progress on expansion during that meeting.
Commissioner Adam Silver assured reporters during the July Summer League that the NBA remains on track to make a decision about expansion before the end of 2026. Currently, several groups are submitting their proposals for Las Vegas and Seattle.
Nancy Walton Laurie and Bill Foley, the favorites in Las Vegas
Vorkunov cites several sources who believe that Nancy Walton Laurie, heir to the Walmart fortune, and her husband, Bill Laurie, are the favorites to win the bid for the Las Vegas franchise. However, this perception is not unanimous within the NBA.
Another major candidate is Bill Foley, the majority owner of the Vegas Golden Knights.
In July, Foley explained to Vorkunov his plan to acquire an NBA team in Las Vegas and used the success of the Golden Knights as an argument to defend his candidacy. The NHL franchise has won a Stanley Cup in three appearances in the Finals during its first nine years of existence.
"We did a couple of things really well. We're going to do it with steroids with an NBA team," Foley stated.
Seattle is also preparing its bid
In Seattle, Samantha Holloway, majority owner of the Seattle Kraken, hired JPMorgan Chase and Moelis & Co. in May to advise and structure a bid with the intention of returning an NBA franchise to the city.
Holloway is the only publicly known candidate for the Seattle franchise, although Silver has indicated that there are other involved groups whose identities have yet to be made public.
Las Vegas would rank among the most expensive franchises
If the Las Vegas franchise ultimately reaches $9 billion, it would become the second most expensive sale in NBA history, surpassed only by the Los Angeles Lakers.
Mark Walter recently agreed to sell his majority stake in the Lakers at a valuation of $12.5 billion.
In February, Michael Ozanian of CNBC ranked the 30 NBA franchises by their value. In that ranking, only three teams exceeded $9 billion: the Golden State Warriors, valued at $10.8 billion; the New York Knicks, at $10.1 billion; and the Los Angeles Lakers, at $10 billion.
Therefore, an expansion franchise in Las Vegas valued at $9 billion would immediately rank just below those three organizations and above the rest of the teams in the league according to that ranking.
The two cities, with a different history in the NBA
Las Vegas has never had an NBA franchise, although the city does host the Aces, one of the most successful teams in the WNBA, with three championships in the last four years.
Seattle, on the other hand, has a much longer history with the NBA. The city lost the SuperSonics after the franchise moved to Oklahoma City following the 2007-08 season. Since then, Seattle has not had a team in the league.
The city has maintained a presence in the WNBA since 2000, the year the Seattle Storm debuted.
This is an automatic translation. You can read the original news, Os desvelamos las nuevas informaciones sobre la expansión de la NBA