The race to secure a future NBA expansion franchise in Las Vegas is attracting some of the biggest names in sports and business. Hall of Famers Shaquille O’Neal and Magic Johnson are among those connected to ownership groups exploring bids, while multiple investor-led consortiums are preparing proposals that could value a new franchise at as much as $13 billion.
Although the NBA has not officially awarded an expansion team, Las Vegas and Seattle are widely viewed as the leading candidates whenever the league moves forward with expansion.
Expansion
The NBA has not announced a formal timeline for expansion, but interest in a Las Vegas franchise continues to grow.
According to reports, several ownership groups are preparing competing bids. Earlier estimates suggested that expansion fees for teams in Las Vegas and Seattle could reach around $10 billion combined. New reports indicate that some investment groups are preparing financial packages that could value a Las Vegas franchise at up to $13 billion.
The rising valuation reflects Las Vegas’ emergence as a major destination for professional sports, with the city already hosting teams in the NHL, NFL, and WNBA.
Bidders
One of the most prominent groups is the Las Vegas Jacks, led by Basketball Hall of Famer and former Phoenix Suns owner Jerry Colangelo.
The group has announced that it has secured at least $8 billion in financial commitments while targeting assets totaling as much as $13 billion. Its leadership includes former NBA players Vinny Del Negro and Jay Williams, along with former Turner Sports president David Levy.
The consortium is positioning itself as one of the strongest contenders if the NBA opens the bidding process.
Magic
Another group linked to the expansion effort includes Lakers legend Magic Johnson through his investment firm, MAGI.
Reports indicate that representatives from the firm have met with Nevada officials, including Gov. Joe Lombardo, as part of their efforts to explore a potential ownership bid.
Johnson has previously invested in several professional sports organizations, making him one of the most experienced athlete-investors connected to the process.
Rivals
Additional interest has come from a group associated with former Disney CEO Bob Iger and Thrive Capital founder Josh Kushner through Thrive Eternal.
Meanwhile, Bill Foley, owner of the NHL’s Vegas Golden Knights, has also expressed interest in pursuing a bid. Foley already has significant ties to Las Vegas sports and is a minority owner of T-Mobile Arena, which has frequently been mentioned as a possible temporary home for an NBA franchise.
These competing groups highlight the growing level of interest from both sports executives and institutional investors.
Shaq
Shaquille O’Neal has repeatedly spoken about his goal of becoming an NBA owner, particularly if a franchise is established in Las Vegas.
Unlike some ownership groups that are leading bids, O’Neal has indicated that he would prefer to partner with an existing investment group rather than organize one himself.
According to reports, he has not publicly committed to any specific consortium and is still evaluating his options.
Connections
O’Neal has relationships with several of the people involved in the expansion discussions.
Magic Johnson has long been one of his business mentors, while David Levy previously worked with O’Neal during TNT’s NBA coverage. Bob Iger also has longstanding ties to both the NBA and Disney, where O’Neal has maintained business relationships over the years.
O’Neal also has connections within the Las Vegas sports community through business ventures, community projects, and partnerships with organizations in the city.
LeBron
LeBron James has also expressed interest in owning an NBA team in Las Vegas in the past.
However, he recently stated that he is not participating in the current bidding discussions. Active NBA players cannot serve on the league’s Board of Governors, and James has confirmed his intention to continue playing after returning for what is expected to be his 24th NBA season.
Reports have also suggested that the high cost of expansion may have influenced investment decisions by groups previously linked to James.
Vegas
Las Vegas has rapidly become one of North America’s fastest-growing sports markets.
The city is home to the NHL’s Golden Knights, the NFL’s Raiders, the WNBA’s Aces, and hosts numerous major sporting events throughout the year. This continued growth has strengthened its position as one of the leading candidates for an NBA expansion franchise.
The league has not announced when expansion decisions will be finalized, but investor interest and financial commitments continue to increase as ownership groups prepare for a potential bidding process.
For now, the competition remains open, with several high-profile investors, executives, and former NBA stars positioning themselves for what could become one of the most expensive franchise races in professional sports history.
FAQs
Is Shaquille O’Neal bidding for an NBA team?
He is reportedly considering joining an ownership group.
Who leads the Las Vegas Jacks bid?
Former Suns owner Jerry Colangelo leads the group.
Is Magic Johnson involved?
Yes, his investment firm is linked to a bid.
Has the NBA approved a Las Vegas team?
No, the league has not awarded an expansion team.
Why is Las Vegas a top candidate?
Its growing sports market attracts major investors.
