Las Vegas Sports News

New Ownership Group Has Announced Its Bid for Las Vegas NBA Expansion Team

by
Eric Butler
July 8, 2026

A new ownership group has announced it will enter the bidding for an NBA expansion team in Las Vegas.

The Las Vegas Jacks ownership group is led by former Phoenix Suns owner Jerry Colangelo. Other members include former NBA head coach Vinny Del Negro, former Turner Sports president David Levy, American Century Investments CEO Jonathan Thomas, former NBA player and television analyst Jay Williams, and financier Scott Colangelo.

BTIG and U.S. Bank, with help from Global Leisure Partners, will be the main financial partners. The group says it has $5 billion ready. Furthermore, it expects another $3 billion and aims for assets worth $12.5 to $13 billion.

Levy says the group plans to pay the expansion fee in cash. In addition, it will build the most impressive modern basketball arena in the world and bring great basketball to Las Vegas.

Group Plans

The group plans for the team to play at T-Mobile Arena initially. Meanwhile, a new arena and related facilities are under construction.

Jerry Colangelo owned the Suns from 1987 to 2004. He also served as general manager and briefly as head coach in the 1970s. Currently, he is managing director for USA Basketball and chair of the Basketball Hall of Fame Board of Governors.

Del Negro played 13 seasons in the NBA and served as head coach for the Chicago Bulls and L.A. Clippers.

The Las Vegas Jacks are the second group to publicly announce their intention to pursue an NBA expansion team in Las Vegas. Previously, this was done by Golden Knights owner Bill Foley.

It was also reported that former Walt Disney Company CEO Bob Iger and venture capitalist Josh Kushner were exploring a bid.

NBA Commissioner Adam Silver said the league will decide on potential expansion to Seattle and Las Vegas this year, with a team or teams beginning play as early as the 2028-29 season.