​LAS VEGAS — The field keeps expanding week by week, to the point where it almost seems fair to hand out numbers for people to stand in line, much like a bakery does on Sunday morning. If you thought eight billion dollars was an astronomical price tag to join the NBA, you may want to think again. There are plenty of ultra-wealthy individuals who find the prospect of owning a professional basketball team irresistible, to the extent that money appears to be no object.
From where I stand, there are six publicly identified groups or individuals who have expressed interest in bringing the NBA to Las Vegas, with a projected start date in 2028 if the bid succeeds. That tally excludes Shaquille O’Neal, who looms in the background as a potential participant in whatever consortium ultimately wins, as well as the developers behind the Diamond Arena project across from Mandalay Bay. If you’re Adam Silver, the NBA commissioner, you’re probably smiling at the thought of a higher price tag. The stakes could climb well beyond eight billion dollars—perhaps ten, twelve, or even more—depending on how the process unfolds and who ultimately wins the bid.
We’ll likely get a clearer sense of the landscape next Tuesday, when Silver meets with the media after the NBA Board of Governors’ annual summer meeting here in Las Vegas. He’ll be asked about expansion in a variety of forms, and he’ll likely steer clear of definitive comments, because he’s not about to undermine a process that demands rigorous vetting and careful consideration on multiple fronts. A central question will be where the Las Vegas team will actually play and call home.
The winner will be the bidder who can secure an arena that gives the franchise full control over its revenue streams—things like luxury suites and club seating, naming rights to the venue, parking, concessions, and regional television rights—that are essential to a modern, financially competitive franchise. It’s important to remember that this is fundamentally a business decision, with basketball considerations playing a secondary role. The league’s current 30 teams have agreed to expand by two by taking a smaller share of the basketball-generated revenue pie, provided Las Vegas and Seattle meet all requirements. The league certainly does not want either expansion franchise to falter financially. On the court, the goal is often to see them compete for top positions, not to be perpetual contenders for the last place, although Silver isn’t openly endorsing any such outcome.
For someone like Bill Foley, the owner of the NHL’s Vegas Golden Knights and one of the six publicly acknowledged bidders, the path may not be as straightforward as it seems, even with the success his team has enjoyed on both sides of the sport. Foley owns only a minority stake in T-Mobile Arena—about 15 percent—with the remainder held evenly by MGM Resorts and the Anschutz Entertainment Group (AEG). The arena, nicknamed by VGK fans as “The Fortress,” is a centerpiece of a broader business ecosystem. Even with plans to invest roughly $300 million to upgrade the ten-year-old venue, that upgrade does not automatically guarantee the NBA opportunity will yield the financial benefits Silver would ideally like to see for a premier, revenue-rich franchise.
The expansion decision, when it lands, will hinge on more than just branding or fan enthusiasm. It will be grounded in a meticulous assessment of ownership groups, arena economics, regional market dynamics, and long-term viability. In the end, the right combination of a compelling plan, transparent governance, and a sustainable financial model will determine which consortium takes the stage in Las Vegas—and which one finally tames the roar of the crowd into a successful, enduring NBA enterprise.