NBA Starts Formal Bid Phase for Las Vegas and Seattle

The NBA has started the formal path toward possible teams in Las Vegas and Seattle after owners approved a review of both markets on Wednesday.

Good to Know

• All 30 owners voted yes, though only 23 votes were needed.
• Each franchise could sell for $7 billion to $10 billion.
• The vote starts the process, but no team has been awarded yet.

NBA Starts Formal Expansion Review

Years of talk have now turned into an official process. The league said PJT Partners will advise on market strength, ownership groups, arena plans, and the wider business effect of expansion.

“Today’s vote reflects our Board’s interest in exploring potential expansion to Las Vegas and Seattle – two markets with a long history of support for NBA basketball,” NBA Commissioner Adam Silver said in a statement. “We look forward to taking this next step and engaging with interested parties.”

Money sits at the center of the case. Early estimates value each new franchise at $7 billion to $10 billion, and both cities are expected to rank near the top tier of league revenue markets. That appears to have eased concerns about splitting shared revenue across 32 teams instead of 30.

Las Vegas once faced resistance because Nevada was the only state with legal sports betting. That setting changed after the 2018 fall of PASPA, with legal wagering now spread across more than three dozen states.

Interest around Las Vegas is expected to be strong. Nevada Gov. Joe Lombardo has spoken with Silver and also met with Magic Johnson as a possible owner, according to the Las Vegas Review-Journal.

“I’m very excited to see the NBA advance this process toward a Las Vegas expansion team,” Lombardo said in a statement. “Today’s vote by the NBA Board of Governors is a testament to the incredible growth we’re seeing in Southern Nevada and our state’s business-friendly environment.”

Other possible bidders include Bill Foley and large ownership groups such as Fenway Sports Group, Kroenke Sports & Entertainment, and Harris Blitzer Sports & Entertainment. Recent franchise sales also help explain the price outlook, with the Los Angeles Lakers reaching $10 billion and the Boston Celtics selling for $6.1 billion in 2025.