Bill Foley Forms Las Vegas NBA Bid Group as League Eyes $7 Billion Expansion Team
Updated
Updated · The New York Times · Jul 12
Bill Foley Forms Las Vegas NBA Bid Group as League Eyes $7 Billion Expansion Team
3 articles · Updated · The New York Times · Jul 12
Summary
Bill Foley said he is assembling an investor group to pursue a Las Vegas NBA expansion franchise, with demand strong enough that he may cut the share offered to institutional backers.
The bid hinges on infrastructure he already controls: Foley owns a stake in T-Mobile Arena and said upgrading it for the NBA would cost $300 million to $400 million, plus added suites and team facilities.
Las Vegas is shaping up as a crowded contest, with Foley saying he knows of five groups; one rival group says it has $8 billion committed and plans to raise as much as $13 billion.
The NBA has not decided whether to expand to Las Vegas, Seattle, both or neither, but Foley argues his Golden Knights track record gives him an edge in a process that could value a new Vegas team above $7 billion.