The NBA has been discussing the possibility of adding new franchises to the league at some point in the future. The league wants two new organizations launched simultaneously. New reports reveal that Vegas Golden Knights owner Bill Foley is pursuing the chance to own an NBA team in Vegas.
It's said that Foley, who led the charge in buying the Golden Knights franchise in 2016, is eying the possibility of owning an NBA team, according to Arash Markazi of The Sporting Tribune. These are the first steps necessary for a new team to potentially come to fruition.
“William P. (Bill) Foley II, founder and majority owner of the Vegas Golden Knights, today announced that he is pursuing the award of a National Basketball Association franchise for Las Vegas and has retained Morgan Stanley & Co. LLC as his exclusive financial advisor in his effort to structure an ownership group platform built around Mr. Foley's existing Southern Nevada sports holdings,” said the statement. “Mr. Foley also has retained Simpson Tahter & Bartlett LLP to advise on the effort.”
NBA Commissioner Adam Silver has stated recently that the league has been discussing the possibility of adding at least two more teams to the mix. Seattle, Washington, and Las Vegas, Nevada, have been considered the favorite cities to acquire NBA teams in the expansion. Bill Foley appears to want to be the individual who helps bring another professional basketball team to Las Vegas.
The league is targeting the two new franchises to play in the 2028-29 season. There is still plenty of work to do before then, but with Foley making it known he is pursuing a team, the ball may get rolling quickly.
