The Las Vegas NBA race has another heavyweight bidder.
The Las Vegas Jacks, a group led by Jerry Colangelo, say they have already secured $5 billion and received another $3 billion in formal indications as they pursue a potential NBA expansion franchise, according to Axios and Sports Business Journal. The group is aiming for an overall asset value in the $12.5 billion to $13 billion range.
Colangelo gives the bid instant league credibility. He was the Suns' first general manager, later owned the franchise and helped run USA Basketball. The Jacks group also includes Vinny Del Negro, David Levy, Jay Williams, Jonathan Thomas and finance executive Scott Colangelo.
The money is the real message. Expansion fees are expected to be massive if the NBA moves forward with Las Vegas and Seattle, and the Jacks are trying to show they can pay at the top of that market without scrambling for late capital.
They are not alone. Bill Foley, Magic Johnson-linked groups and other investors have also been tied to Las Vegas efforts. The NBA still has to decide how and when to expand, but the Jacks have made clear they want to be taken seriously from the start.
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