The race to bring the NBA to Las Vegas is getting more interesting. A new group has now joined the bid, and they are making it clear that money won’t be an obstacle for them at all.

According to reports shared by Sports Business Journal on X, an ownership group bidding under the moniker “Las Vegas Jacks” officially launched a high-profile campaign to secure the NBA expansion franchise in Las Vegas. Spearheaded by sports tycoon Jerry Colangelo, the group went public with its intentions on Wednesday. And they have already secured $8 billion in financial commitments toward landing the potential expansion franchise. 

In fact, in the long term, the group is targeting a total capital and asset raise of between $12.5 billion and $13 billion. That just goes to show the scale and seriousness of their ambitions.

Alongside American sports executive, entrepreneur, and Naismith Memorial Basketball Hall of Famer Jerry Colangelo, who is spearheading the bid, there are several other notable figures and entities involved in the ownership group. Among them is Emmy Award-winning media executive David Levy. The former President of Turner Sports and co-founder of Horizon Sports and Experiences, Levy, is expected to bring significant expertise in the sports media space to the franchise’s long-term commercial strategy.

Also part of the group is financial executive Scott Colangelo, Chairman and Managing Partner of Prime Capital Financial. He is specifically leading the group’s efforts to raise the entirety of the multi-billion-dollar franchise acquisition capital in cash. 

Beyond the individual partners, the group also has the backing of institutional financial heavyweights, including U.S. Bank, BTIG LLC, and Global Leisure Partners, serving as financial partners.

NBA Commissioner Adam Silver, alongside the NBA Board of Governors, has already voted to open the bidding process for new franchises exclusively in Las Vegas and Seattle. 

However, the Las Vegas Jacks are not the only group in the running. The Foley Group, The MAGI Group, and Thrive Eternal have all submitted competing bids as well to secure the franchises in the league’s first expansion since 2004. 

The Las Vegas Jacks, however, appear to hold a significant financial advantage over their competition, but the bidding process remains open. And with stakes this high and a city this eager, it would not be surprising if more serious contenders still emerge before the final decision is made. According to Adam Silver, the target for this is the end of 2026.

He had said, “We need to know by the end of this calendar year what it is we’re doing. It may not be that every I is dotted, but that would be our goal this year.” 

How does the NBA expansion bidding work?

Bidding for an NBA expansion franchise begins only after the league officially opens the expansion process through a vote by the NBA Commissioner and the Board of Governors. That step has already been completed, which is why ownership groups are now publicly submitting bids. At the same time, the NBA establishes the minimum financial expectations for prospective ownership groups. That is the expected expansion fee and other bidding requirements.

The next stage involves the NBA verifying that each bidding group actually has the financial resources it claims. The league conducts extensive financial due diligence to confirm whether the proposed funding is available, whether through cash, equity, or debt. They also thoroughly review the financial records of every major partner involved. There is also a limit on how much debt they can use as part of the financing structure.

Each bidding group must then present its case directly to the NBA through a comprehensive pitch. This presentation outlines where the team will play. It also includes how the ownership group plans to generate new global revenue and the level of corporate backing they have.

The NBA’s expansion committee then reviews every proposal. This includes the financials and presentations before narrowing the field to the most viable ownership groups. If two separate bids are equally outstanding, the committee can encourage or require them to combine into a single ownership group. Once the committee completes its review, the NBA Board of Governors votes again. And approval requires support from at least 75% of the governors.