"The NBA will hold a vote at the Board of Governors meetings next week to explore adding expansion teams exclusively in Las Vegas and Seattle, sources told ESPN, with the two new franchises being targeted to start play in the 2028-29 season. There is momentum within the Board of Governors and league office to approve moving forward with taking bids for franchises in Las Vegas and Seattle."
"Industry executives project proposals in the $7-$10 billion range for each team and estimate that both markets would be among the NBA's top-eight revenue generators. The market appeal of Las Vegas and Seattle, plus the parity-friendly collective bargaining agreement, will likely lead to a robust purchase market for expansion."
"A growing number of owners are believed to support expansion because of the long-term revenue growth for the league from the Las Vegas and Seattle markets. Some owners remain hesitant on selling some of their shares and having their league equity go from 1/30 to 1/32, and want to see the final valuations of the bids plus the individual franchise fees before deciding."
The NBA Board of Governors will vote next week on pursuing expansion exclusively in Las Vegas and Seattle, with both franchises targeted to begin play in the 2028-29 season. Industry executives project each team's valuation between $7-$10 billion, with both markets expected to rank among the NBA's top-eight revenue generators. The expansion process requires two voting rounds, each needing 23 of 30 governors' approval. While momentum exists within the league office and among owners due to long-term revenue growth potential, some owners hesitate about diluting their equity from 1/30 to 1/32 and want to review final valuations before committing. The parity-friendly collective bargaining agreement is expected to attract robust bidding interest for these franchises.
Read at ESPN.com
Unable to calculate read time
Collection
[
|
...
]