A new ownership group led by former NBA executive Jerry Colangelo and Horizon Sports & Experiences CEO David Levy officially announced Wednesday that it intends to pursue an NBA expansion franchise in Las Vegas.
Operating under the name the Las Vegas Jacks, the group says it has already secured approximately $8 billion in funding to support its bid.
According to Front Office Sports, former Chicago Bulls point guard Jay Williams and former Los Angeles Clippers head coach Vinny Del Negro are also members of the investment group.
If awarded an expansion franchise, the Las Vegas Jacks plan to build a brand-new arena along with a surrounding entertainment district.
The Las Vegas Jacks enter an increasingly competitive race for a team in Las Vegas.
Other prominent groups interested in bringing the NBA to the city include Golden Knights owner Bill Foley, former Disney CEO Bob Iger alongside venture capitalist Josh Kushner, former Milwaukee Bucks owner Marc Lasry, and NBA legend Magic Johnson.
Before the NBA Finals, commissioner Adam Silver confirmed that Las Vegas remains one of the league’s two primary expansion markets.
“We’re focused on Las Vegas and Seattle,” said Silver. “There are multiple groups interested in both cities.”
Although interest in Las Vegas continues to grow, the NBA has not yet committed to expansion. Silver has said the league expects to reach a decision before the end of the year.
“There is enormous instability in the world at the moment,” he said in March. “We may ultimately conclude for reasons completely out of our control that it’s not the right time to expand.”
Silver has also stated that expansion franchise fees could reach as much as $10 billion, with the proceeds divided among the NBA’s 30 current owners.
Jerry Colangelo Leads New Las Vegas Bid As Seattle Interest Lags https://t.co/Sf3gijEtrf
— RealGM (@RealGM) July 9, 2026
