Owner of the Vegas Golden Knights, Bill Foley, has stated that it is “highly likely” he will partner with another investment group to secure a National Basketball Association (NBA) expansion franchise for Las Vegas, as reported by Las Vegas Weekly.
During meetings in New York on March 25, the NBA Board of Governors voted to formally consider expansion to both Las Vegas and Seattle.
Emerging Ownership Groups
Numerous potential ownership groups have emerged, including Foley’s group, one led by Jerry Colangelo, which is looking to construct a new NBA-specific arena, and another spearheaded by basketball legend Earvin “Magic” Johnson, which also proposes a new facility.
NBA Commissioner Adam Silver highlighted the focus on expansion into Las Vegas during the recent Summer League press conference at the Thomas & Mack Center on the University of Nevada campus on July 14.
Foley’s NHL franchise, the Golden Knights, entered the league for the 2017-18 season and already boasts one Stanley Cup championship (2023). In the most recent season, they reached the Cup finals but were defeated by the Carolina Hurricanes.
Foley’s NBA Aspirations
The estimated cost for an NBA expansion franchise in Las Vegas ranges from $7 billion to $10 billion. As the current owner of a portion of T-Mobile Arena, Foley’s plan includes renovating the arena to make it more suitable for NBA games. This would involve adding 1,000 seats and luxury suites at a cost of approximately $400 million, drawing inspiration from other NHL owners who also operate NBA teams in shared venues.
Foley indicated to the Weekly that they have engaged with several groups to discuss potentially joining forces, exploring properties for a new arena as a possible outcome.
Silver’s Remarks on Las Vegas
Discussion of NBA expansion to Las Vegas has been a key highlight at the Summer League press conference led by Commissioner Adam Silver.
Silver acknowledged that numerous investor groups, both publicly and privately, have shown interest in the Las Vegas franchise, a development he described as “music to my ears.”
“Multiple substantial groups are at various stages of presenting proposals to our financial advisors,” he noted. “These proposals encompass potential ownership structures and visions for Las Vegas basketball, highlighting venues and game presentation strategies. This city has established itself as a global entertainment hub.”
Approaching Expansion Decisions
Silver underscored the growing popularity of basketball in Las Vegas, referencing the success of a WNBA team, youth basketball initiatives, the appeal of the NBA Summer League, and the availability of numerous basketball courts throughout the city.
“No votes have occurred yet, and discussions with interested parties are ongoing,” he explained. “However, I remain optimistic about our future here.”
Silver reiterated that the league is focusing solely on Las Vegas and Seattle for expansion and that a decision will likely be made “by year’s end.”
Concerns Regarding Sports Betting
Silver also addressed the topic of sports betting, recently controversial due to cases involving former NBA players Terry Rozier and Malik Beasley linked to alleged gambling scandals. Prosecutors contend that these players influenced their performances to benefit bettors.
When asked about a potential framework suggested by a gambling analyst at Forbes.com regarding a federal sports betting commissioner with investigative powers, Silver acknowledged the advantages of federal oversight in legal gambling, aiming to establish a unified national standard.
Support for Regulatory Oversight
“Navigating through approximately 40 different jurisdictions with their unique approaches to sports betting places the league in a challenging position,” said Silver.
“The concept of having a centralized authority could be highly beneficial. We currently have minimal control over our intellectual property rights. Decisions regarding the placement and types of prop bets are not made by us; it’s an issue in our league. Ideally, we would want to be part of this initiative, and a collaboration with other leagues would be even more beneficial. We appreciate that this is a form of entertainment, but we must ensure proper controls are in place to protect participants.”
McGregor Plans UFC Comeback
Conor McGregor shared another video on Instagram, reinforcing his intention to return to the Octagon following a shocking defeat to Max Holloway during their welterweight bout at UFC 329 at T-Mobile Arena on July 11.
Returning after a five-year hiatus from the UFC, McGregor faced a severe right leg injury just 69 seconds into the fight, suspected to be a right ACL injury. He announced his plans for surgery and rehabilitation, aiming for a comeback.
Saturday’s event proved lucrative for sportsbooks, with BetMGM’s trading manager Alex Rella noting it was the most bet fight in their history.