‘Las Vegas Jacks’ ownership group announces $8 billion bid for NBA expansion franchise
The group says it has $8 billion committed and plans to raise up to $13 billion for franchise purchase and arena development.
- On Wednesday, Basketball Hall of Famer Jerry Colangelo officially unveiled the Las Vegas Jacks, a leadership group pursuing an NBA expansion franchise in Las Vegas. The group includes former NBA player and coach Vinny Del Negro and media executive David Levy.
- Targeting a raise between $12.5 billion to $13 billion, the group has $5 billion already committed and $3 billion formally indicated according to the news release. They plan to use T-Mobile Arena as a temporary home while developing a new basketball-centric venue.
- Colangelo emphasized the group's commitment, stating, "Vision is right up there in terms of my career." The organization also includes American Century Investments CEO Jonathan Thomas and former NBA player Jay Williams to strengthen the competitive bid.
- Competition is intensifying as the NBA weighs expansion, with three other groups led by Earvin "Magic" Johnson, Bill Foley, and former Walt Disney CEO Bob Iger also vying for a franchise. Foley's group has reportedly committed $8 billion to their potential bid.
- By the end of this year, the NBA is expected to decide on adding new franchises, with expansion teams aiming to begin play in the 2028-29 season if the league's board of governors approves the move. This decision will reshape professional basketball in Las Vegas.
12 Articles
12 Articles
Ed Graney: Jerry Colangelo the right person to lead NBA expansion in Vegas
LAS VEGAS — Now we’re talking. The idea of different ownership groups desiring to bring an NBA expansion team to Las Vegas just got a lot more serious. And better for it. Jerry Colangelo, the former owner of the Phoenix…
Jerry Colangelo Leads New Las Vegas Bid As Seattle Interest Lags
A group led by former NBA executive Jerry Colangelo and Horizon Sports & Experiences CEO David Levy announced plans Wednesday to submit an NBA expansion bid for Las Vegas. The group, called the Las Vegas Jacks, claims to have already raised $8 billion. Front Office Sports reported that former Bulls point guard Jay Williams and former Clippers coach Vinny Del Negro are also part of the group. The Jacks intend to build their own arena and an accom…
Billionaire Battlegrounds: Jerry Colangelo-Led 'Las Vegas Jacks' Group Unveils Massive $8 Billion NBA Expansion Bid
LAS VEGAS, NV — Blockbuster sports commerce news broke across national networks as an elite, billionaire-backed venture group officially went public with an astronomical $8 billion capital strategy engineered to land a permanent NBA expansion franchise in Southern Nevada. The high-profile rollout instantly triggers a massive financial bidding war for executive control over the valley’s next major professional sports footprint. The $8 Billion Hea…
Coverage Details
Bias Distribution
- 60% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
