Vegas Golden Knights founder and majority owner Bill Foley announced Monday that he is launching a bid to bring an NBA franchise to Las Vegas.
Foley's announcement that he will pursue the first NBA team in Las Vegas comes after the NBA's board of governors approved a vote in late March to explore bids and applicants for expansion franchises exclusively in Las Vegas and Seattle.
A source told ESPN's Shams Charania at the time that all 30 NBA owners voted in favor of exploring Las Vegas and Seattle with the bidding process expected to generate offers in the $7 billion to $10 billion range.
Foley, who Forbes estimates is worth $2.6 billion, is also the owner of AFC Bournemouth in England's Premier League, FC Lorient in France's Ligue 1, Moreirense F.C. in Portugal's Primeira Liga and Auckland FC in Australia's A-League.
Foley has retained Morgan Stanley & Co. LLC as the financial adviser while also retaining the law firm of Simpson Thacher & Bartlett LLP to advise. The firm has previously been involved with NBA ownership deals involving the Brooklyn Nets and San Antonio Spurs.
Foley said he expects the bid group to include "a limited number of strategic and minority partners" that will be selected for "alignment with the franchise's long-term vision and for their fit under league ownership policy."
"Las Vegas has earned its place among great sports cities in America, and an NBA team belongs here," Foley said in a statement. "We built the Golden Knights into a championship organization from the ground up, and we are prepared to do it again -- with the same standard, the same commitment to this community, and the same insistence on winning. We have the market, a proven world-class arena and a best-in-class organization in place. Our intention is to be ready the day the NBA is ready."
The release said Foley plans on having the would-be NBA team play at T-Mobile Arena, a venue that has hosted numerous collegiate and professional basketball games since it opened in April 2016. T-Mobile holds 18,000 fans for basketball, which is either slightly larger or within 500 fans of 15 current NBA venues, per the league's website.
Foley's time as owner of the Golden Knights has seen the franchise reach instant success. The Golden Knights made it to the Stanley Cup Final in their first season in 2018 before losing to the Washington Capitals.
Since then, the Golden Knights have used a win-at-all-costs approach to maintain their success, making the playoffs in all but one season. They won the Stanley Cup in 2023 and advanced to the Stanley Cup Final this year before losing to the Carolina Hurricanes in six games. The Hurricanes are owned by Tom Dundon, who purchased the Portland Trail Blazers back in April.
If Foley were to win the bid for an NBA team, he would be the seventh NHL owner or ownership group to own a team in both leagues. It's a group that includes James Dolan (New York Knicks and New York Rangers), Josh Harris and David Blitzer (New Jersey Devils and Philadelphia 76ers), Stan Kroenke (Colorado Avalanche and Denver Nuggets), Ted Leonsis (Washington Capitals and Washington Wizards) and Smith Entertainment Group (Utah Jazz and Utah Mammoth), along with Dundon.
Anyone who wins the bid to bring the NBA to Las Vegas would be adding another major professional team to a market that has seen a surge when it comes to its place in the sports landscape.
Historically known for hosting one-off events such as boxing or mixed martial arts, the city has grown in stature. It began with the Golden Knights, and the WNBA's Las Vegas Aces relocating from San Antonio to play their first season in Nevada back in 2018. The Aces have three WNBA championships since then.
The city has since added the NFL to its portfolio, with the Las Vegas Raiders relocating from Oakland in 2020. Meanwhile, MLB's Athletics, who are currently playing in Sacramento after also leaving Oakland, are set to relocate to Las Vegas in 2028. The market also added an annual Formula 1 race in November 2023.
"This is the NBA's decision to make," Foley said. "Our job is to provide the league a Las Vegas option that is ready, credible, and built to last."