Vegas Golden Knights Owner submits bid for NBA expansion team

Vegas Golden Knights and AFC Bournemouth Owner Bill Foley has unveiled plans to launch an ownership bid for a potential National Basketball Association (NBA) expansion franchise, which could result in offers between $7-10bn. 

"Las Vegas has earned its place among great sports cities in America, and an NBA team belongs here. We built the Golden Knights into a championship organization from the ground up, and we are prepared to do it again – with the same standard, the same commitment to this community and the same instance on winning," Foley said. 

“We have the market, a proven world-class arena and a best-in-class organization in place. Our intention is to be ready the day the NBA is ready."

The Las Vegas NBA franchise would play its home games at T-Mobile Arena, which also hosts the Golden Knights and debuted in April 2016. 

According to Foley, the ownership bid will include "a limited number of strategic and minority partners,” selected based upon "alignment with the franchise's long-term vision and for their fit under league ownership policy."

The NBA Board of Governors originally approved a vote to explore bids and applicants for expansion franchises in March, with Las Vegas and Seattle remaining as the likeliest outcomes after all 30 franchise owners voted in favor of both.

Foley continued: "This is the NBA's decision to make. Our job is to provide the league a Las Vegas option that is ready, credible and built to last."

The Las Vegas Diamond Arena project was also introduced as a potential destination for an NBA expansion franchise in Sin City during April, featuring more than 21,000 seats and the “largest parking capacity” of any competing site.

The new Diamond Arena would be located directly across from Mandalay Bay, proposing a 100,000 sq ft ground-level plaza in addition to 140,000 sq ft of team and broadcast facilities.