sportsgrid
LAS VEGAS Like the process itself, news on the NBA's updated plans for expansion doesn't come rushing out like water from a fire hose.
More like measured amounts from a faucet, somewhat slow and steady, making sure it doesn't overflow the glass.
Commissioner Adam Silver did address expansion during his meeting with reporters Tuesday evening at the Thomas & Mack Center following the Board of Governors meeting in Las Vegas.
And while Silver acknowledged the process remains ongoing, he gave no timetable or real update on those who are bidding for both the Las Vegas and Seattle expansion franchises, where things stand at the moment or a specific timetable as to when an announcement can be expected.
In other words, let the guessing game continue.
What Silver did say was he was optimistic the process could reach its conclusion sometime in December and that there is a deadline approaching for those interested to submit their bids with their financials to the league where its bankers will go over the individual bids before reporting back to the owners.
Im still hopeful this process will be wrapped up by years end, Silver said, though he didnt say when the deadline specifically was for submitting bids.
There are at least six known groups interested in obtaining the expansion rights for the Las Vegas franchise and there could be more by the time the deadline for bidding passes.
Among them are some familiar names Jerry Colangelo, Bill Foley, Magic Johnson, Bob Iger, Marc Lasry that intend to vie for the rights to bring the NBA here.
All claim they have the funding to meet the NBAs price tag, which at minimum is expected to be $8 billion.
All except Foley have plans to construct an arena to house the Las Vegas team while Foley is prepared to invest $300 million in upgrades to T-Mobile Arena, home to his NHL Vegas Golden Knights and a facility he owns 15 percent of.
In Seattle, the lone bidder to go public so far is Samantha Holloway, chairperson of the ownership group of the Seattle Kraken and has Bill Gates former wife Melinda as an investor.
The Kraken ownership group also owns the majority interest in Climate Pledge Arena, where the basketball team would likely play.
Silver did caution that there is additional interest in both Seattle and Las Vegas from parties which have not yet made their intentions public.
But its here in Las Vegas where the intrigue is.
The NBA owners are well versed in knowing Colangelo from his days with the Phoenix Suns, Lasry from his time owning the Milwaukee Bucks, Magic Johnson from his prior connection to the Lakers (he also is part of the current ownership of the WNBAs L.A.
Sparks) and some of the owners know Foley through the NHL.
So there are few surprises when it comes to vetting these potential ownership groups.
It gives me a lot of confidence to see first-hand the amount of interest in the game in Las Vegas, Silver said.
In terms of the process for potential expansion here, multiple groups are in the process of presenting plans to our bankers and those plans not only include who the owners would be but what their vision for basketball in Las Vegas would look like, where they would play, what it would look like and its music to my ears.
Still, expect the process to be laborious.
There shouldnt be a rush for a decision this monumental.
In fact, if it doesnt get announced until next year, it wouldnt be a surprise despite Silvers hope to have an announcement by the end of the year.
In addition to the financing questions, the owners are going to want to know about a potential arena.
Where will it be built? How long will it take to construct? Will the Las Vegas team own all the basketball related revenue streams (naming rights, suites, club seats, tickets, parking, concessions, regional TV) and how big a building will it be? The Clippers are the best example of why this is important.
They went from paying rent to AEG, which owns the Crypto.com Arena (formerly Staples Center) as the third tenant behind the NHL Kings and NBAs Lakers, to owning 100 percent of the BRR at the $2 billion Intuit Dome.
They reportedly showed a profit of $569 million last year according to statistia.com.
And if any of the prospective ownership groups need to know anything about such a venture, they should pick up the phone and call Steve Ballmer, the Clippers owner.
He can clue them in on the process.
So as the process continues, Silver, like everyone, remains in a wait-and-see mode.
But the fact there is competition among those bidding to get the NBA expansion team in Las Vegas and likely Seattle as well, it confirms Silvers and the leagues decision to not rush into it and now that its underway, see where it ultimately winds up.
No votes have been taken so far, he said.
We have a ways to go still as far as discussions with the interested parties but Im optimistic about the future here (in Las Vegas).