It’s been nearly 22 years since the Charlotte Bobcats (modern-day Hornets) were added as the last NBA expansion team. The league has changed a lot since then, including several franchise rebrands, but the total number of teams has yet to pass 30, despite multiple efforts to add to the list.
Recently, the NBA has finally been moving on its expansion plans, generating a lot of buzz in the process. While progress has been slow, all signs are pointing toward a smooth and natural conclusion to this saga. In the latest update, it was confirmed that bidding deadlines have been set for both Las Vegas and Seattle, with the price range estimated at between $7 and $10 billion.
“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,” reported The Athletic’s Mike Vorkunov. “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 other cities have been mentioned for expansion (such as Mexico City, Vancouver, and Louisville), the NBA has seemingly already settled on its most requested cities (Las Vegas and Seattle). With the preliminary process already approved by the Board of Governors, we are now at the stage where prospective owners start making their initial bids, with further meetings scheduled next month. If it goes at this rate, we may see two new teams within a few seasons.
As for which groups have emerged in the process, Las Vegas is clearly the most coveted franchise, and the level of interest requires not one but two separate bidding deadlines. Among the candidates, Golden Knights owner Bill Foley and Walmart executive Nancy Walton Laurie are considered the favorites to win the sweepstakes. Even Magic Johnson is rumored to be involved.
“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.”
The Seattle SuperSonics have the advantage of a pre-established history in the NBA, likely simplifying their expansion process. Still, interest hasn’t been nearly as strong in making a bid, with the NHL’s Kraken owner being the only public contender.
“Samantha Holloway, owner of the NHL’s Seattle Kraken, is the only known bidder for an NBA team in Seattle. Silver has said that he “wouldn’t conclude that because there aren’t other public groups coming forward, that therefore there isn’t other interest in Seattle. There is.”
Ultimately, with so much on its plate, the NBA is in no rush to add two more teams to the fold. Just because the process has begun doesn’t mean we should expect a swift conclusion. Over the next few months (and potentially years), Adam Silver will work step by step to ensure things are done the right way and that these teams are put in a position to succeed right from the start.
