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The development leaves just two bidders in play for the team: the Nancy Walton Laurie-Bill Laurie-Egon Durban conglomerate and the Bill Foley-Jerry Colangelo group. Sources close to one of the groups believe the NBA wants a bid closer to $11B –- plus about a $2B commitment to build a new arena -- and industry insiders told SBJ that the liquidity behind the Walton-Laurie-Durban bid makes them the front-runner.
As Silver mentioned, there is still discussion among current owners and the bid groups about the best place for a new arena. A vote on the three groups bidding on Las Vegas -- Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; and Bill Foley and Jerry Colangelo -- could come soon, sources told Charania. The runner-up groups could then pivot to Seattle, where Kraken owner Samantha Holloway's group appears to be in pole position, with a valuation sources with knowledge of the process currently estimate to be around $6 billion.
Colangelo's group and Foley began talking about joining forces four months ago and have agreed to partner because of Foley's ties to the city combined with the Jacks' plans for a new arena and the group's relationship equity with key league stakeholders. Foley said in June that his potential NBA franchise would play at T-Mobile Arena, where his Golden Knights have games, but sources said a new arena will be built if the Colangelo-Foley group wins the bid.
Shams Charania: ESPN Sources: The NBA is expected to select the winning bid for owner of the Las Vegas expansion team in the very near future, with a price of at least $12-13 billion for the franchise and new arena among three finalist groups – Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; Bill Foley and Jerry Colangelo.
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The situation in Las Vegas is more complicated. A group led by Nancy Walton Laurie — a scion of Walmart founders Sam and Bud Walton — and her husband, Bill Laurie, is believed to be a leading contender. Foley, the Golden Knights owner, also is very much in the mix. An ownership group called the Las Vegas Jacks — with Jerry Colangelo and Vinny Del Negro as named NBA emissaries and including former Turner Broadcasting president David Levy — also is in contention. That list is not exhaustive with at least another yet undisclosed bidding group additionally in the running. It had also included Thrive Capital founder Josh Kushner and former Disney CEO Bob Iger, but that pair pivoted and bought the Los Angeles Lakers instead.
Bill Foley, owner of the NHL’s Vegas Golden Knights, and Walmart scion Nancy Walton Laurie and her husband, Bill Laurie, are believed to be two of the leading contenders to get the team in Las Vegas, the sources said, along with another yet undisclosed bidding group. It is believed that other bidders remain. A group including legendary NBA executive Jerry Colangelo, former LA Clippers head coach and player Vinny Del Negro, ex-Turner Broadcasting president David Levy and a group of finance executives are bidding as well and have indicated they can raise up to $13 billion for a bid and new arena. Several sources said they believe the Laurie group is the front-runner, though that is not a consensus view. Sportico was the first to report that group’s interest in a Vegas franchise.
Who were some of the influential factors in your life to tell you to be yourself? You were an untraditional coach. Mike D'Antoni: Well, you know, besides being from a family that does that, and my brother who was coaching with me that had a similar philosophy, the main two guys were Jerry Colangelo and Bryan Colangelo. They put the team together, and then we’re talking about how to play and whatever, and I’m saying, you know, my gut says we should do this, but the traditional way is that. And they say, “go with your gut, do what you think’s best”. And so that’s when I decided to move Amar’e Stoudemire to the five and Shawn Marion to the four. It comes from years and years of playing, years and years of coaching, and past experiences from when I was a player, and what would feel good, and then as a coach and how it went with my team at Olympia Milano when I really started that.
The Las Vegas Jacks ownership group has been working on putting together a bid for a Southern Nevada NBA expansion team since January 2024, according to people with knowledge of the group’s operations. The Jacks announced their plans to pursue a Las Vegas NBA expansion team this month, but years of work has preceded that announcement for the group that includes former NBA owner Jerry Colangelo, former NBA player and coach Vinny Del Negro, chairman and managing partner of Prime Capital Financial Scott Colangelo, media executive David Levy, American Century Investments CEO Jonathan Thomas and former NBA lottery pick and current ESPN analyst Jay Williams.
The Jacks’ name isn’t a lock to be the team’s name should the group prove successful in the bid process, but they trademarked the name last year just in case it sticks, the sources said. The group is open to having the residents of Southern Nevada chime in on what they think the team’s name should be, including the Jacks.
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Stefan Bondy: I spoke with John Calipari a couple days ago and he brought up an old well-known tale about the Gary Trent Jr. situation happening before, without punishment from the NBA: In 1994, the Suns had just $1 million under the cap and used it to sign Danny Manning. It was a shake-hand agreement from Suns owner Jerry Colangelo that Manning would get a larger contract after one year. The problem? Manning blew out his knee midway through that first season. But Colangelo kept his word and signed Manning in 1995 to a seven-year, $40 million extension (which was massive back then). Colangelo even gave Manning part ownership of the Diamondbacks (talk about circumventing the cap). Anyway, Calipari told me this should be a viable way for players and teams to operate in the apron era. He also applauds the stars who are taking discounts to build contenders around them. "I don’t begrudge somebody saying, 'No, I earned it.' I don’t begrudge. But I’m saying it’s kinda neat. Because I’m about team. And that means – I care about myself and my family, but I also care about this team. What’s the common ground? What’s the middle ground? I got to give up a little bit?"
The Las Vegas Jacks, a group competing to acquire the prospective NBA expansion franchise, announced that it has already secured $8 billion in financial commitments to land the team. The group’s leadership includes Jerry Colangelo, the former owner of the NBA’s Phoenix Suns, David Levy, founder of Horizon Sports & Experiences and Scott Colangelo, the managing partner of Prime Capital Financial. US Bank and its subsidiary BTIG LLC, along with merchant bank Global Leisure Partners, will serve as the group’s financial partners.
Duane Rankin: Former Phoenix Suns owner Jerry Colangelo ('04) one of six presenters for 2008 USA Men's National Team into Naismith Basketball Hall of Fame for 2025 Class. Jim Boeheim (‘05), Chris Bosh (‘21), Jason Kidd (‘18), Mike Krzyzewski (‘01) and Dwyane Wade (‘23) remaining five presenters. Team USA won 2008 Olympic gold in China. Colangelo was managing director for USA Basketball Men’s Senior National Team program. Team USA won four consecutive Olympic gold medals during Colangelo's run as managing director. #Suns
But if you’re someone who covers the Sixers, someone who covered them during the Sam Hinkie and especially the post-Hinkie years, you don’t get Jerry Colangelo on the phone and not ask him about the strangest story in recent Philly sports history. So, Jerry, how is your son doing? “Bryan is doing fine,” he said. “He’s not in basketball, as you well know, and that’s a sad story from my perspective because he really had nothing to do with anything, if you know what I mean.”