Las Vegas Takes the Lead
The NBA is getting closer to expanding. League commissioner Adam Silver wants a vote on the matter before the end of this year. Right now, Las Vegas is leading the race. The league is currently looking at three finalist groups bidding for a Las Vegas team.
The price tag for a Las Vegas franchise is expected to be around $10 billion. The winning group will also need to spend another $2 billion to $3 billion to build a new arena. The three bidding groups include Nancy Walton Laurie and Bill Laurie, Steve Apostolopoulos and Marc Lasry, and Bill Foley alongside Jerry Colangelo.
Seattle Waiting in the Wings
Seattle is also in a strong position to get a team. The unsuccessful groups from the Las Vegas bidding process could quickly turn their attention to Seattle. Samantha Holloway, the owner of the Seattle Kraken, leads the main group there.
The Seattle franchise is valued at around $6 billion. Holloway has a major advantage because her company owns a majority share of Climate Pledge Arena. The venue was built in 2021 and already hosts WNBA and NHL games, meaning it can easily host NBA games without needing a brand new arena.
What the Owners Stand to Gain
For expansion to happen, 23 of the 30 current NBA owners must vote in favour. While some owners worry about sharing local markets or diluting talent, the financial rewards are massive.
If the league adds two teams, it could generate between $15 billion and $18 billion in expansion fees. This means each of the current 30 owners would receive a payout of $500 million to $600 million. These fees go directly to the owners and are not shared with the players.
The Impact on Portland
The expansion plans are also affecting current teams. Portland Trail Blazers owner Tom Dundon is currently in a standoff with the city of Portland over arena renovations. He has used the threat of relocation to Seattle or Las Vegas as a negotiating tool.
However, actual relocation is unlikely. A relocation fee could cost between $1.5 billion and $2 billion, which is much less than what owners would make from expansion.
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