Golden Knights owner Foley launches NBA expansion bid in Las Vegas
Vegas Golden Knights majority owner Bill Foley has officially launched a bid to bring an NBA expansion franchise to Las Vegas.
The announcement follows a recent vote by the basketball league’s board of governors to explore new ownership groups exclusively in Nevada and Seattle.
Bidding for the new franchises is expected to generate staggering offers in the region of $7bn (£5.5bn) to $10bn (£7.9bn).
Building a sporting empire
Foley is already a prominent figure in global sports ownership.
The American billionaire’s portfolio includes Premier League side AFC Bournemouth alongside football clubs in France, Portugal and Australia.
Financial advisers Morgan Stanley have been retained by the 79-year-old to facilitate the monumental transaction.
His prospective ownership group is expected to include a limited number of strategic minority partners who align with the league’s long-term vision.
Ready for tip-off
“Las Vegas has earned its place among great sports cities in America, and an NBA team belongs here.”
“We built the Golden Knights into a championship organization from the ground up, and we are prepared to do it again. Our intention is to be ready the day the NBA is ready.”
Any future basketball franchise would likely play their home games at the T-Mobile Arena.
The 18,000-capacity venue on the Las Vegas Strip has already proven itself by hosting numerous collegiate and professional basketball fixtures.
A track record of success
The prospective bidding group will undoubtedly point to their remarkable achievements in ice hockey as proof of their sporting pedigree.
Since entering the NHL in 2017, the Golden Knights have reached the Stanley Cup Final three times, lifting the prestigious trophy in 2023.
Should this latest sporting venture prove successful, the ice hockey executive would become the seventh individual to simultaneously hold an NBA team.