The NBA is expected to select the winning bid for ownership of the Las Vegas expansion team in the very near future, with a price of at least $12 billion to $13 billion for the franchise and a new arena, from among three finalist groups -- Nancy Walton Laurie and Bill Laurie; Steve Apostolopoulos and Marc Lasry; and Bill Foley and Jerry Colangelo -- sources told ESPN.

The league, which will hold a formal approval process by the end of December on two expansion teams, is closing on Las Vegas before Seattle for several reasons. Las Vegas has a livelier bidding market with higher offers, and the process consists of the logistics of developing a new arena versus Climate Pledge Arena already being a ready-made home for the Seattle team. The NBA has targeted as soon as the 2028-29 season for the expansion teams.

Nancy Walton Laurie is the daughter of Walmart co-founder James "Bud" Walton. Her husband, Bill Laurie, is a former owner of the NHL's St. Louis Blues. The two have a net worth of $17 billion, according to Forbes. Apostolopoulos, a Canadian billionaire, discussed buying the Charlotte Hornets from Michael Jordan in 2023 but instead focused on purchasing the NFL's Washington Commanders. Lasry is the former co-owner of the Milwaukee Bucks, having sold his stake in 2023 at a valuation of $3.5 billion.

Colangelo, the former owner of the Phoenix Suns, and Foley, the majority owner of the NHL's Vegas Golden Knights, have agreed to partner. Colangelo sold the Suns in 2004 for a then-record $401 million. Foley is also the owner of AFC Bournemouth.