The NBA’s Board of Governors met in New York on Wednesday and took steps toward league expansion. The meeting aimed to officially begin the evaluation of candidate cities, with Seattle and Las Vegas being the primary contenders for further consideration.
The vetting process will take several months and involve detailed financial reviews of ownership groups that are preparing to pay what could be a record expansion fee.
Some estimates suggest that the cost could reach $10 billion for each franchise, indicating that the league is serious about ensuring all aspects are thoroughly examined.
NBA approves exploration of expansion franchises
With the meeting concluded, the future of expansion is becoming clearer.
As reported by Shams Charania from ESPN, the NBA’s Board of Governors has approved a plan to explore expansion via a formal bidding process. This evaluation will focus exclusively on potential teams in Las Vegas and Seattle.
Sources indicate that the bidding process might yield offers between $7 billion and $10 billion for each new franchise. However, no decisions on team approvals or timelines have been made public yet.