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Vegas Golden Knights founder and majority owner Bill Foley has announced a bid to bring an NBA expansion franchise to Las Vegas.
The announcement follows the NBA Board of Governors’ decision in March to explore expansion opportunities in Las Vegas and Seattle. According to ESPN‘s Shams Charania, all 30 NBA owners unanimously supported the exploratory process, with expansion fees expected to range between $7 billion and $10 billion.
The billionaire businessman, whose net worth is estimated by Forbes at $2.6 billion, has built a global sports portfolio that includes ownership of Premier League club AFC Bournemouth, France’s FC Lorient, Portugal’s Moreirense F.C., and Australia’s Auckland FC.
To lead the expansion effort, Foley has retained Morgan Stanley & Co. LLC as financial adviser and the law firm Simpson Thacher & Bartlett LLP, which has previously advised on NBA ownership transactions involving the Brooklyn Nets and San Antonio Spurs.
Foley said he expects the ownership group to include a limited number of strategic minority partners selected based on their long-term alignment with the franchise’s vision and compliance with NBA ownership policies.
“Las Vegas has earned its place among great sports cities in America, and an NBA team belongs here,” Foley said in a statement. “We built the Golden Knights into a championship organization from the ground up, and we are prepared to do it again — with the same standard, the same commitment to this community, and the same insistence on winning.”
“We have the market, a proven world-class arena and a best-in-class organization in place,” he added. “Our intention is to be ready the day the NBA is ready.”
According to the proposal, the team would play its home games at T-Mobile Arena, which has hosted numerous collegiate and professional basketball events since opening in 2016. The venue seats approximately 18,000 fans for basketball, making it comparable in capacity to many current NBA arenas.
Foley’s track record with the Golden Knights has been marked by immediate success. Since joining the NHL as an expansion franchise in 2017, the team reached the Stanley Cup Final in its inaugural season, won its first Stanley Cup championship in 2023, and has consistently remained among the league’s top contenders.
If successful, Foley would become the seventh NHL owner or ownership group to also own an NBA franchise, joining a group that includes James Dolan, Josh Harris and David Blitzer, Stan Kroenke, Ted Leonsis, Smith Entertainment Group, and Tom Dundon.
Las Vegas has rapidly evolved into one of North America’s premier sports markets over the past decade. The city’s rise began with the arrival of the Golden Knights in 2017, followed by the Las Vegas Aces’ relocation from San Antonio in 2018. Since moving to Nevada, the Aces have captured three WNBA championships.
The NFL’s Raiders relocated from Oakland in 2020, while Major League Baseball’s Athletics are scheduled to make Las Vegas their permanent home in 2028 after a temporary stay in Sacramento. The city further strengthened its status as a global sports destination by adding the Formula 1 Las Vegas Grand Prix to its annual calendar in 2023.
“This is the NBA’s decision to make,” Foley said. “Our job is to provide the league a Las Vegas option that is ready, credible, and built to last.”