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The NBA is set to announce the winning bid for the Las Vegas expansion team in the near future, with three finalist groups competing: Nancy Walton Laurie and Bill Laurie, Steve Apostolopoulos and Marc Lasry, and Bill Foley and Jerry Colangelo. The successful bidder will purchase the franchise and build a new arena for an estimated $12 billion to $13 billion. While the league plans to finalize both the Las Vegas and Seattle expansion teams by December, Las Vegas is expected to be chosen first due to more active bidding with higher offers compared to Seattle's existing arena situation.
Written locally by qwen2.5:14b on 2026-09-29,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
The NBA is set to announce the winning bid for an expansion team in Las Vegas "in the very near future." Three finalist groups are competing: Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; and Bill Foley and Jerry Colangelo. The franchise and new arena in Las Vegas is expected to be sold for $12 billion to $13 billion, with higher offers compared to Seattle, where a new arena isn't needed as Climate Pledge Arena already serves that purpose. Nancy Walton Laurie, daughter of Walmart co-founder James "Bud" Walton, and her husband Bill Laurie, former NHL team owner, have a combined net worth of $17 billion.
Written for “NBA Expansion Team Las Vegas” on 2026-10-05,
grounded in this article and the 0 other(s) covering the same event.
The NBA plans to select the winning bid for owner of the Las Vegas expansion team “in the very near future.”
asserted
NBA → plan → future
The franchise and new arena is expected to be sold for $12 billion to $13 billion.
asserted
franchise → expect → billion
The league will hold an official approval process by the end of December on two expansion teams, but Las Vegas is expected to be settled before Seattle.
asserted
Vegas → hold → Seattle
For one, Las Vegas has a more active bidding market that consists of higher offers.
asserted
that → have → offers
In Seattle, there are no logistics of developing a new arena as Climate Pledge Arena is already a set home for the new team.
asserted
Arena → be → team
Moreover, the Vegas runners-up may have interest in joining the Seattle bid process.
uncertain
up → have → process
The couple resides in a suburb of Las Vegas and has a net worth of $17 billion, per Forbes.
asserted
couple → reside → Forbes
Apostolopoulos showed interest in purchasing the Charlotte Hornets from Michael Jordan in 2023, but the Canadian billionaire pivoted to buying the Washington Commanders.
asserted
billionaire → show → Commanders
The NFL franchise was later sold to a group led by Josh Harris, Philadelphia 76ers owner.
asserted
franchise → sell → Harris
Lasry is the former co-owner of the Milwaukee Bucks and sold his stake in the franchise to Cleveland Browns owners Jimmy and Dee Haslam at a valuation of $3.5 billion.
asserted
Lasry → sell → billion
Colangelo, the former owner of the Phoenix Suns, began talking with Foley about teaming up with his Las Vegas Jacks group.
asserted
Colangelo → begin → group
Colangelo and Foley became partners because of the latter’s ties to the city and the Jacks’ plans for a new arena as well as the relationship equity with key league stakeholders.
asserted
Colangelo → become → stakeholders
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