"The NBA's board of governors voted this week to approve a formal exploration of adding teams in Seattle and Las Vegas. The league is reportedly targeting the 2028-29 season for debuts."
"Bids are expected to be in the $7bn to $10bn range per franchise, delivering about $500m into the pockets of the owners of each current franchise."
"The value of franchises and media rights have since skyrocketed, and the Los Angeles Lakers were sold last year for a record $10bn, giving fresh momentum to a process the league has been considering for a few years."
"The NBA has a history of failed and relocated franchises including in Seattle and nearby Vancouver. However, these days team valuations are only going up, driven by the league's 11-year, $77bn media deals that began this season."
The NBA's board of governors voted to explore expansion bids for teams in Seattle and Las Vegas, marking the first expansion in over two decades. Bids are anticipated to range from $7 billion to $10 billion per franchise. Commissioner Adam Silver indicated that the league aims for a decision on expansion this year. The NBA has maintained 30 teams since 2004, and the value of franchises has significantly increased, driven by lucrative media deals. The league is targeting the 2028-29 season for potential team debuts in these markets.
Read at www.theguardian.com
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