The founder and majority owner of the Vegas Golden Knights, Bill Foley, has officially proposed to bring an NBA expansion team to Las Vegas.
This announcement comes after the NBA Board of Governors voted in March to investigate expansion possibilities in Las Vegas and Seattle. According to ESPN journalist Shams Charania, all 30 NBA owners unanimously backed the exploration, with expansion fees anticipated to fall between $7 billion and $10 billion.
The billionaire entrepreneur, whose fortune is estimated at $2.6 billion by Forbes, has developed a diverse international sports portfolio that includes ownership of AFC Bournemouth in the Premier League, France’s FC Lorient, Portugal’s Moreirense F.C., and Australia’s Auckland FC.
To spearhead the expansion initiative, Foley has enlisted financial services firm Morgan Stanley & Co. LLC and the law firm Simpson Thacher & Bartlett LLP, known for their previous work on NBA ownership deals involving teams like the Brooklyn Nets and San Antonio Spurs.
Foley mentioned his anticipation for the ownership group to comprise a select number of strategic minority partners who align with the long-term vision of the franchise and adhere to NBA ownership protocols.
“Las Vegas has solidified its status as a major sports city in America, and an NBA team is a perfect fit here,” Foley stated. “We transformed the Golden Knights into a championship franchise from scratch, and we are ready to replicate that success with the same dedication, commitment to the local community, and relentless pursuit of excellence.”
“We possess the market, a world-class arena, and a top-tier organization in place,” he emphasized. “Our objective is to be prepared for NBA’s readiness.”
According to the proposal, the proposed team would host its games at T-Mobile Arena, which has successfully accommodated a range of college and professional basketball events since its inauguration in 2016. This venue can seat approximately 18,000 fans for basketball, making it comparable in size to many current NBA stadiums.
Foley’s successful history with the Golden Knights showcases immediate achievement. Since entering the NHL as an expansion team in 2017, the franchise reached the Stanley Cup Final in its first season, clinched its inaugural Stanley Cup title in 2023, and has consistently ranked among the league’s top competitors.
Should this expansion effort succeed, Foley will join a select group of NHL owners who also possess NBA franchises, which includes notable figures like James Dolan, Josh Harris, and David Blitzer, Stan Kroenke, Ted Leonsis, Smith Entertainment Group, and Tom Dundon.
Las Vegas has quickly established itself as one of North America’s leading sports markets over the past decade. This journey began with the Golden Knights’ debut in 2017, followed by the relocation of the Las Vegas Aces from San Antonio in 2018. Since their move to Nevada, the Aces have secured three WNBA championships.
The NFL’s Raiders transitioned from Oakland to Las Vegas in 2020, while Major League Baseball’s Athletics are set to make the city their permanent residence in 2028 after a brief stay in Sacramento. Las Vegas further enhanced its status as a global sports hub by introducing the Formula 1 Las Vegas Grand Prix to its annual events in 2023.
“The decision lies with the NBA,” Foley asserted. “Our task is to present the league with a viable, ready-to-go option in Las Vegas that is credible and sustainable.”