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The Future. The NBA is preparing to announce the expansion of its league with two new teams — one in Seattle (which is all but already called for) and one in Las Vegas (a free agent). The potential Vegas team, which likely won’t be officially announced until after the NBA locks up its new media-rights deals), could turn out to be the most expensive sports deal in American history.
VIP team
The new team in Vegas will be the first expansion of the NBA since 2004… so potential investors aren’t treating this as any average deal.
- The deal could fetch $7 billion, making it the highest-valued American sports team by over a billion dollars (that would be the NFL’s Washington Commanders).
- And if the buyer wants to develop a franchise-owned stadium, that could add up to $5 billion more to that price tag.
- Suitors include LeBron James (with an assist from RedBird Capital and Fenway Sports Group), Shaquille O’Neal (who could easily bring in some private equity backers), and even Red Bull… and that’s all before an official expansion announcement.
The feeding frenzy for not just a new NBA team but a new NBA team in Las Vegas can’t be overstated. The team-ownership market was already expected to be frothy with the potential sale of the Boston Celtics, but mixing in a city that’s rapidly expanding its entertainment footprint will take any deal to the next level.
It’s about to get competitive.
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