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Oh No He Didn't: Shams on expansion: "The NBA is focused right now on closing on the owner of the Las Vegas expansion team and then moving toward Seattle. And there are few reasons for that: One of the major ones being that there's just a hotter bidding market right now developing in Las Vegas and you have rising valuations approaching $10 billion, potentially even higher. I've also had some people close to the process tell me the NBA could close in Las Vegas and then see who the runner ups are that still have interest in joining the Seattle process. And that could bring some more competitiveness to that process. Now logistically, timing wise, the NBA still wants to have a decision by the end of the year"
Casino executive and Dallas Mavericks co-owner Patrick Dumont led a review of potential NBA arena sites in Las Vegas this week, according to Commissioner Adam Silver. The NBA's Board of Governors met in New York, and Silver confirmed the topic of potential expansion returned to the table.
The commissioner said there are several active groups involved in Las Vegas expansion talks, but he declined to elaborate further. "I'll say that there was a discussion led by Patrick Dumont, of course, who's a Las Vegas resident and [has] enormous operating experience there in Las Vegas, just sort of an independent objective party, led a discussion around the various sites, potential sites, in Las Vegas," Silver said.
"In Seattle, we have had operational groups out to Climate Pledge," Adam Silver said. "You clearly have a state-of-the-art arena there." "It may require some modifications for NBA basketball, but if we were opening, you know, in five weeks, we could be ready in Seattle," Silver added. "So, because we can only take on so much at once, the more of the discussion was around Las Vegas."
Silver also cast doubt on the question marks of the Las Vegas arena situation. "In Las Vegas, it's not even clear what the site will be, let alone the arena yet," said Silver. "Therefore, it's a much longer timeline [compared to Seattle] before we can throw the ball up for NBA basketball."
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Oh No He Didn't: Shams on expansion: "The NBA and Adam Silver are in deeper and deeper stages of the expansion conversation. And I'm told specifically for Las Vegas the next round of bids for an expansion team in Las Vegas are due on Thursday, and then final bids expected to be some point shortly thereafter. My understanding is proposals for that Vegas team is reaching and potentially exceeding $10 billion. And so far the Vegas process has moved with more pace then Seattle, but those Seattle conversations are continuing as well...it's unclear when a final vote would be. And I think over the next couple of months, we're gonna get clarity on the final offers, potentially 10 billionish in Las Vegas, potentially 7 billion range in Seattle, and then a potential vote to finalize expansion to 32 teams"
The NBA’s board of governors are scheduled to meet Monday and Tuesday in New York and among the expected topics to be discussed is the potential expansion to Las Vegas and Seattle. This will be the second owners meetings the NBA has held since announcing in March that they were officially exploring expansion to the two markets. NBA Commissioner Adam Silver has said multiple times that expansion is not a given and the league could choose to expand to both Las Vegas and Seattle, just one market, or not at all.
The league hired investment bank PJT Partners evaluate the ownership bids, the Las Vegas and Seattle markets and arena plans tied to expansion. The firm has been vetting potential groups, with multiple deadlines set for the submission of plans, including financials, ahead of next week’s meetings.
It should not be assumed that both Las Vegas and Seattle will be on the same schedule or be close to the same price point, ownership sources said. Preliminary bidders in the $8 billion range for Vegas quickly learned the number would be higher, sources said. A Seattle team, meanwhile, could be sold for considerably less.
Splitter also stepped in to coach the Bulls at summer league for the team's first two games in Las Vegas. He said he wanted the opportunity to establish a culture with his young players. For a young coach still finding his identity, it was good practice for the challenge of taking over a franchise starved for a winner with newfound expectations of the future. "He's really detailed," Caleb Wilson said. "He knows what he wants you to do and he's pretty serious. Most coaches, you have coaches that are joking around and stuff like that. Tiago's pretty serious and he knows what he wants. "I'd rather have someone who's serious and straightforward with me, so I know what I can do better."
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While the NBA has identified a second deadline for bidders in Las Vegas, the sources said there is only one for Seattle at the moment. Those sources also believe the NBA will select an owner in Las Vegas before the league moves on to a decision in Seattle.
The expansion fee for franchises in each city is unknown. The NBA has made it known that it is seeking $7 billion-$10 billion for each new team. A Las Vegas franchise is expected to be on the high end of that range, with some industry sources floating $9 billion as a price point. Seattle is expected to draw less for its expansion fee.
While the NBA has identified a second deadline for bidders in Las Vegas, the sources said there is only one for Seattle at the moment. Those sources also believe the NBA will select an owner in Las Vegas before the league moves on to a decision in Seattle. The expansion fee for franchises in each city is unknown. The NBA has made it known that it is seeking $7-10 billion for each new team. A Las Vegas franchise is expected to be on the high end of that range, with some industry sources floating $9 billion as a price point. Seattle is expected to draw less for its expansion fee.