Over the years, player agent Rich Paul has seen his clout grow. Many believe that he has become one of the most influential figures in the NBA with his work at Klutch Sports, including handling Los Angeles Lakers superstar LeBron James.
Rumors even swirled that Paul and James are planning to buy into an expansion team in Las Vegas when the NBA approves it. Las Vegas has often been mentioned as the possible destination for the league's 31st team because of its sports market and economic viability.
Paul, however, flatly denied it on his podcast, “Game Over.”
“I don’t know where any truth or merit comes from that. But what I will say, to understand the importance of buying a team, one, I don’t have enough money to buy a team, I really don’t,” said Paul.
“Today, at least the last time I checked, I’m going to need a lot more zeros with what I saw. Nevertheless, no. But I will say in thinking about buying a team, and I think you mentioned Vegas, that’s not the team I would want to buy.”
The 45-year-old Paul has a net worth of $120 million, according to Forbes. When prodded by his co-host, Max Kellerman, as to why he does not envision forming a team in Sin City, Paul claimed that “there is no upside.”
“If you’re buying a team, that’s a pretty big asset to have. You want an opportunity for growth, and when I look at buying a team, and most teams, people say they lose money,” added Paul.
“If I were an owner of a team, I’m going to be one of those owners that doesn’t shy away from paying the tax because paying the tax means you’re giving yourself a valiant effort of winning every year.”
Currently, the average value of a franchise in the NBA is roughly $4 billion to $5 billion.
The NBA has held the Summer League in Las Vegas for several years now, and experts believe that it is ripe for expansion. Las Vegas already has a team in the WNBA, the NFL, and the NHL.
Even if Paul is not interested, there are surely other wealthy people willing to bet on starting a team in Las Vegas.
