Lasry-Apostolopoulos Group Exits NBA Expansion Bid
The group withdrew after the league increased the minimum franchise price to $10 billion for the Las Vegas market.
Updated on Oct. 24, 2026 in Basketball
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Local basketball fans face a shift in the race for a new NBA team as the ownership group featuring Kenny Smith, Marc Lasry, and Steve Apostolopoulos has exited the bidding process. The group withdrew after the NBA raised the minimum franchise asking price to $10 billion.
Why it matters
The exit of the Lasry-Apostolopoulos bid narrows the field for a potential Las Vegas expansion franchise as the league prepares to make its final selection. Residents are waiting to see which group will secure the team and drive the economic development planned for the upcoming season.
The league now mandates a minimum of $10 billion to acquire the franchise, surpassing the $9 billion to $9.5 billion bid submitted by the Lasry-Apostolopoulos group. The NBA is currently reviewing three finalist groups for the expansion license.
The players
Kenny Smith
A former NBA player who raised 20 percent of the funding for a potential Las Vegas expansion franchise.
Marc Lasry
A member of the ownership group that recently withdrew its bid for the Las Vegas team.
Steve Apostolopoulos
An ownership group member who exited the bidding process after the league raised the franchise cost.
Bill Foley
A finalist bidder involved in the ongoing selection process for the Las Vegas franchise.
Jerry Colangelo
A finalist bidder participating in the league's review process for the potential expansion team.
The details
The Lasry-Apostolopoulos group, which included a 20 percent funding contribution from Kenny Smith, declined to meet the league's elevated price requirement. The NBA confirmed that the expansion team is slated to begin play in either the 2028-29 or 2029-30 season. With this withdrawal, the league continues to vet the remaining finalist groups, which include bidders such as Nancy Walton Laurie, Bill Laurie, Egon Durban, Bill Foley, and Jerry Colangelo.
Timeline
October 23, 2026: The exit of the Lasry-Apostolopoulos group was confirmed.
November 2026: The NBA is expected to award the expansion franchise.
2028-2030: The selected expansion team would begin play.
Beyond the Strip
The bidding process follows the trend set by the 2017 arrival of the Vegas Golden Knights in establishing Las Vegas as a viable major league sports hub. This latest expansion effort significantly increases the financial scale required compared to previous league entry costs.
Residents should track the final league selection in November to confirm the timeline for arena infrastructure and regional economic impacts. The winning bid will dictate which ownership group oversees the team's arrival for the 2028-29 or 2029-30 season.
The takeaway
Watch for the league's official announcement in November to see which ownership group succeeds in securing the expansion franchise. The final selection will settle the long-standing question regarding which investors will bring professional basketball to the valley.
What happens next
The NBA is expected to officially award the expansion franchise to one of the remaining finalists in November 2026.
Further reading
For more on the city's professional sports landscape, visit Basketball.
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