Sources: NBA reviewing bids from three finalists for Vegas team

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The NBA is expected to select the winning bid for ownership of the Las Vegas expansion team in the very near future, with a price of at least $12 billion to $13 billion for the franchise and a new arena, from among three finalist groups -- Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; and Bill Foley and Jerry Colangelo -- sources told ESPN.

The league, which will hold a formal approval process by the end of December on two expansion teams, is closing on Las Vegas before Seattle for several reasons. Las Vegas has a livelier bidding market with higher offers, and the process consists of the logistics of developing a new arena versus Climate Pledge Arena already being a ready-made home for the Seattle team. And the Las Vegas runners-up also could join the Seattle bid process.

The NBA has targeted as soon as the 2028-29 season for the expansion teams, sources said.

Nancy Walton Laurie is the daughter of Walmart co-founder James "Bud" Walton. Her husband, Bill Laurie, is a former owner of the NHL's St. Louis Blues. The two have a home in Henderson, Nevada, a suburb of Las Vegas, and they have a net worth of $17 billion, according to Forbes.

Apostolopoulos, a Canadian billionaire, discussed buying the Charlotte Hornets from Michael Jordan in 2023 but instead focused on purchasing the NFL's Washington Commanders. That franchise was later sold for $6.05 billion to a group led by Josh Harris, who also owns the Philadelphia 76ers and the NHL's New Jersey Devils. Apostolopoulos has a known desire to build a wide-ranging portfolio across multiple sports leagues.

Colangelo, the former owner of the Phoenix Suns, said in July he was entering the bidding with his Las Vegas Jacks group. His announcement came one month after Foley, the majority owner of the NHL's Vegas Golden Knights, said he wanted to bring an NBA team to the city.

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