Meet the Contenders-and Pretenders-for NBA Ownership in Las Vegas

Key Points:

• Las Vegas has become a major basketball hub, hosting the NBA Summer League since 2004, the NBA Cup, and boasting the WNBA champion Las Vegas Aces, yet it still lacks an official NBA franchise.
• NBA owners are actively exploring expansion, with serious bids from Las Vegas and Seattle; multiple groups are presenting ownership and arena plans, with a decision expected by the end of 2026.
• Leading Las Vegas contenders include Bill Foley, owner of the NHL’s Vegas Golden Knights, who has arena access but limited control; a high-profile duo Joshua Kushner and Bob Iger with deep financial and entertainment ties; and a consortium led by Jerry Colangelo aiming for a $12.5–$13 billion all-cash bid.
• Other potential groups include Magic Johnson’s MAGI, former Bucks owner Marc Lasry, and a mysterious developer behind the Diamond Arena project; LeBron James has publicly stepped back from pursuing ownership in Las Vegas.
• NBA Commissioner Adam Silver remains optimistic about expansion but cautions the league could decide against it or limit to one team; high stakes and complex negotiations suggest a dramatic selection process ahead.