Bill Foley Officially Bids for a Las Vegas NBA Expansion Team

Bill Foley, founder and majority owner of the Vegas Golden Knights, announced Monday that he is launching a bid to bring an NBA franchise to Las Vegas. The announcement marks the first official bid for an NBA expansion team in Las Vegas. In late March, the NBA governors voted to explore expansion bids exclusively in Las Vegas and Seattle. All 30 owners voted in favor. Experts expect bids to reach between $7 billion and $10 billion. The move positions Foley as the frontrunner in a multi-billion-dollar ownership race.

Bill Foley Built the Golden Knights into Champions

Foley made his announcement exactly 10 years after the NHL awarded him an expansion franchise. The Golden Knights achieved unprecedented on-ice success. The franchise reached the Stanley Cup Final in their inaugural season in 2018, falling to the Washington Capitals before winning the Stanley Cup in 2023. In 2026, they returned to the Stanley Cup Final, losing to the Carolina Hurricanes in six games. The Golden Knights became the fastest expansion team in NHL history to reach 300 wins.

"We built the Golden Knights into a championship organization from the ground up, and we are prepared to do it again," Foley said in a statement. Foley added that the market, a proven world-class arena, and a best-in-class organization are already in place, and that the group intends to be ready the day the NBA is.

T-Mobile Arena and a $300M Upgrade Plan

Foley plans to house the would-be NBA team at T-Mobile Arena. The venue seats 18,000 for basketball, slightly more than many current NBA arenas. For the bid, Foley has retained Morgan Stanley & Co. LLC as his financial advisor and Simpson Thacher & Bartlett LLP as legal counsel. The ownership group will include a limited number of strategic and minority partners.

Foley intends to invest roughly $300 million in arena improvements. He also plans to build a dedicated practice and player health campus. Plans also call for developing media, sponsorship, and premium experience programs. An approved franchise would likely begin play in the 2028-29 season. The NBA is expected to decide on both Las Vegas and Seattle expansions by year-end.

Foley's Ownership Portfolio and Las Vegas Sports Growth

Forbes estimates Foley's net worth at $2.6 billion. Beyond the Golden Knights, he owns AFC Bournemouth in the English Premier League. His portfolio also includes FC Lorient in France's Ligue 1, Moreirense F.C. in Portugal's top flight, and Auckland FC in Australia's A-League. The Henderson Silver Knights of the AHL round out his Nevada holdings.

If successful, Foley would become the seventh NHL owner or ownership group to hold teams in both the NHL and NBA.

Las Vegas has grown rapidly into a major sports destination.

The WNBA's Las Vegas Aces relocated from San Antonio in 2018. Oakland's NFL franchise, the Raiders, followed in 2020. The MLB Athletics are set to relocate to Las Vegas in 2028. November 2023 marked the city's first Formula 1 Grand Prix.