NBA nears decision on Las Vegas expansion team bid

The NBA is expected to select a winning bid for a Las Vegas expansion team in the ‘very near future,’ according to reports. The deal, which includes a new arena, is projected to cost between $12 billion and $13 billion.

Three finalist groups are currently competing for the franchise:

• Nancy Walton Laurie and Bill Laurie: A Las Vegas-based couple with a reported net worth of $17 billion. • Steve Apostolopoulos and Marc Lasry: A group featuring the Canadian billionaire and former Milwaukee Bucks co-owner. • Bill Foley and Jerry Colangelo: A partnership between the Vegas Golden Knights owner and the former Phoenix Suns owner, which includes plans for a new arena.

While the league is exploring expansion in both Las Vegas and Seattle, the Las Vegas decision is expected to be finalized before Seattle due to a more active bidding market and higher offers.