Bill Foley sets his sights on bringing the NBA to Las Vegas

On the 10th anniversary of his landing an NHL franchise for Las Vegas, Bill Foley is ready to do it again. This time with an NBA team.

Foley, whose Black Knight Sports and Entertainment company owns the Golden Knights, announced Monday that the financial giant Morgan Stanley will be working with Foley and his investors to acquire an NBA expansion franchise that would be scheduled to begin play in 2028.

"Las Vegas has earned its place among the great sports cities in America, and an NBA team belongs here," Foley said in a statement released by the Golden Knights. "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.”

When Foley entered the NHL on June 22, 2016, he and his group paid $500 million, a record at the time for an expansion team. For the NBA, the price tag is expected to be considerably higher. Estimates have the fee at $4 billion. Both Las Vegas and Seattle are being considered for the NBA to grow from its current 30 teams to 32 come 2028. The league has said a decision will be made before the end of the calendar year.
 
"This is the NBA's decision to make," Foley said. "Our job is to provide the league a Las Vegas option that is ready, credible, and built to last.”
With Morgan Stanley on board, it should put at ease any financial concerns the league’s Board of Governors may have. The company is valued at $70 billion. Foley expects the group to include a limited number of strategic and minority partners,
selected for alignment with the franchise's long-term vision and for their fit under league ownership policy.

In addition, Foley has retained the law firm of Simpson Thacher & Bartlett LLP to advise the group on the NBA expansion effort.

However, don’t expect NBA greats Shaquille O’Neal and LeBron James to be involved. Both have said publicly they will not be part of a Las Vegas ownership group after previously expressing interest in being involved.
 
The Golden Knights have been one of the most successful stories in North American professional sports. In the nine years of existence, the team has been to the Stanley Cup Final three times, including earlier this month where they lost to the Carolina Hurricanes in six games. The Knights made the Cup Final in their inaugural season of 2017-18, losing to the Washington Capitals. But in 2023, Foley’s prediction of “Cup In Six” was fulfilled when the Knights defeated the Florida Panthers to win the Cup.

The team has played to beyond capacity for virtually its entire existence at T-Mobile Arena. Foley has said that regardless of whether the NBA comes to Las Vegas, he was prepared to invest $300 million to upgrade the arena, which celebrated its 10th anniversary in April. With Foley now bidding to bring the NBA to town, you can expect that process to be expedited.
 
According to CNBC, the Golden Knights franchise is currently worth $2.1 billion, ranking 13th in the NHL. The Toronto Maple Leafs are the highest valued of the NHL’s 32 teams at $4.3 billion.

An update on expansion is expected next month when the NBA’s Board of Governors holds its annual meeting in Las Vegas in conjunction with the NBA Summer League.