Report: Jerry Colangelo-led ownership group among finalists for Las Vegas NBA expansion team

The NBA is making progress toward selecting an ownership bid for the Las Vegas expansion team, and a Jerry Colangelo-led group is among the three finalists, ESPN’s Shams Charania reported Tuesday.

Colangelo, the former owner of the Phoenix Suns and Arizona Diamondbacks, has partnered with Vegas Golden Knights owner Bill Foley, former NBA players Jay Williams and Vinny Del Negro, former Turner Sports president David Levy and Prime Capital Financial managing partner Scott Colangelo to bid for the franchise.

The Las Vegas and Seattle expansion teams could make their debuts as soon as the 2028-29 season, according to Charania, with the price for the Las Vegas franchise and arena expected to be around $12 to $13 billion.

Colangelo, the Godfather of Arizona sports, announced in July he was entering the bidding with a group called the “Las Vegas Jacks.”

Foley had announced in June his intention to build his own leadership group, and he has since teamed up with Colangelo.

The Las Vegas Jacks announced their intention of playing at T-Mobile Arena, home of Foley’s Golden Knights, for the franchise’s debut while a new arena gets built. The group called it a “next-generation basketball-centric multi-purpose sports, entertainment and convention venue.”

“My excitement for this project and for our Jacks’ vision is right up there in terms of my career,” Colangelo said in a statement. “We all are committed and working as hard as we can to bring the league, owners and the fans, the best proposal and end product possible to Las Vegas.”

The competing ownership groups are led by Walmart heiress Nancy Walton Laurie and her husband, Bill Laurie, along with Steve Apostolopoulos and Marc Lasry.

Lasry is the former co-owner of the Milwaukee Bucks.

The NBA will go through the formal approval process by the end of December, according to Charania.

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