Foley Launches Vegas NBA Expansion Bid
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- Bill Foley announced Monday he is launching a bid to bring the first NBA franchise to Las Vegas, following the NBA board of governors' late-March approval to explore expansion bids exclusively in Las Vegas and Seattle, where all 30 owners voted in favor and offers are expected in the $7 billion to $10 billion range.
- Foley has retained Morgan Stanley & Co. LLC as financial adviser and Simpson Thacher & Bartlett LLP as legal adviser; Simpson Thacher previously advised on ownership deals involving the Brooklyn Nets and San Antonio Spurs.
- Foley, estimated by Forbes at $2.6 billion, also owns AFC Bournemouth (Premier League), FC Lorient (Ligue 1), Moreirense F.C. (Primeira Liga), and Auckland FC (A-League), and said his bid group will include "a limited number of strategic and minority partners" selected for alignment with league ownership policy.
- The proposed franchise would play at T-Mobile Arena, which holds 18,000 fans for basketball and has hosted collegiate and professional games since opening in April 2016 — within 500 fans of 15 current NBA venues.
- If successful, Foley would become the seventh NHL owner or ownership group to also own an NBA team, joining a group that includes James Dolan (Knicks/Rangers), Josh Harris and David Blitzer (Devils/76ers), Stan Kroenke (Avalanche/Nuggets), Ted Leonsis (Capitals/Wizards), Smith Entertainment Group (Jazz/Mammoth), and Tom Dundon (Trail Blazers).
- Las Vegas has rapidly expanded its major-sports portfolio since the Golden Knights' arrival, adding the WNBA's Aces (relocated 2018, three titles since), the NFL's Raiders (relocated from Oakland in 2020), MLB's Athletics (set to relocate in 2028), and an annual Formula 1 race beginning November 2023.
Why it matters: Foley's bid positions him to become the seventh dual NHL-NBA owner and could land a $7-10 billion franchise in a Las Vegas market that went from zero major teams to four-plus in roughly a decade, with the NBA board of governors now formally weighing Seattle and Vegas as its next expansion targets.
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