NBA reviewing bids from three finalist groups for Las Vegas expansion team

The NBA is evaluating bids from three finalist ownership groups vying to be awarded a planned Las Vegas expansion franchise, with the team's value estimated in the $12 billion to $13 billion range, according to sources cited by ESPN.

The finalist groups are led respectively by Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; and Bill Foley and Jerry Colangelo. The league is expected to select a winning bid from among these three groups, though ESPN's report did not specify a timeline for a final decision.

A long-anticipated move to Las Vegas

Las Vegas has been discussed as a potential NBA expansion market for years, with the city's growing sports infrastructure — including its existing NHL and NFL franchises — often cited as evidence it could support a fourth major professional team. The reported valuation range would place the new franchise among the more highly valued expansion teams in recent major North American sports history.

Each of the three finalist groups brings different backgrounds to the bidding process. Bill Foley has been involved in bringing professional sports franchises to Las Vegas previously, while Marc Lasry and Steve Apostolopoulos have connections to ownership stakes in other professional sports organizations. Nancy Walton Laurie and Bill Laurie have a longstanding history in ownership circles as well.

ESPN's sourcing indicated the review of the finalists' bids is underway, but the report stopped short of naming a favorite among the three groups or detailing further specifics of each bid.

An eventual decision by the NBA would mark a significant step toward the league's expansion into a market that has increasingly positioned itself as a major hub for professional sports and large-scale sporting events.