On June 22, 2016, Bill Foley became the first man to bring a major professional sports franchise to Las Vegas with the introduction of the Vegas Golden Knights.
While Foley had a clear vision regarding the Golden Knights and their long-term ambitions, what they received was unprecedented success for an expansion team by making it to the Stanley Cup Final in their inaugural season. Building a championship-level team in Las Vegas not only pushed the Golden Knights to early prominence in the NHL world, but put Foley on the map for sports ownership.
The winning mentality that the Golden Knights thrived on has cultivated an empire, and the teams now under Foley’s banner are reaping the rewards; the best example being Premier League football club AFC Bournemouth, who have not only remained in the top flight of British football, but will now bring European football to the south coast of England for the first time in the club’s 129-year history.
With an acceptable sample size of success, Foley has now set his sights back to North America for his most ambitious undertaking in the sports world yet.
On Monday, Foley officially announced that he is launching a bid to bring an expansion NBA franchise to Las Vegas.
“Las Vegas has earned its place among the great sports cities in America, and an NBA team belongs here," said Foley in a statement. "We built the Golden Knights into a championship organization from the ground up, and we are prepared to do it again – with the same standard, the same commitment to this community, and the same insistence on winning. We have the market, a proven world-class arena, and a best-in-class organization in place. Our intention is to be ready the day the NBA is ready."
Foley has retained Morgan Stanley & Co, LLC as his exclusive financial advisor to help navigate the NBA expansion process and add a franchise to his current sports holdings in Southern Nevada. He has also retained Simpson Thatcher & Bartlett LLP as further advisors.
Foley has also said that he expects that he will add a limited number of strategic and minority partners to his effort, largely in conjunction with NBA ownership policies and the long-term vision of the expansion franchise.
While Foley is the first to officially announced a Las Vegas expansion bid, he has stressed that he and his ownership platform will be respectful of the NBA’s expansion process and will conduct themselves according to the timeline put forth by the league and its Board of Governors.
“This is the NBA's decision to make," Mr. Foley said. "Our job is to provide the league a Las Vegas option that is ready, credible, and built to last."
With this starting point, Foley and his ownership group will look towards opportunities to build the proper facilities. Not only would renovations to T-Mobile Arena be expected, but the group would also be responsible for building a practice and player-health campus. From there, Foley and his team would look for media, sponsorship and premium-experience programs to put in place for their proper roles inside the new organization.
If the expansion bid succeeds, a Las Vegas franchise would likely be targeted for the 2028-29 season being their first in the NBA, as well as an expected franchise in Seattle.