One prominent group involved in the Las Vegas NBA expansion process has dropped out following the stunning purchase of the Los Angeles Lakers.
A group that includes former Walt Disney Co. CEO Bob Iger and billionaire venture capitalist Joshua Kushner is purchasing the Lakers for a record $12 billion from Mark Walter, ESPN reported Wednesday.
Walter purchased a controlling stake in the Lakers last year from the Buss family for $10 billion. The expected expansion fee for a Las Vegas team is between $7 billion and $10 billion.
The NBA announced in March that it had begun officially exploring expansion to Las Vegas and Seattle. League commissioner Adam Silver has said multiple times that he expects a decision on whether to add new teams by the end of the year.
Iger and Kushner’s group was one of several involved in the expansion process. Their Lakers purchase leaves the door open for other suitors, including billionaire Walmart heiress Nancy Walton Laurie and her husband, Bill Laurie; a group led by Golden Knights owner Bill Foley; and the Las Vegas Jacks group, led by former NBA owner Jerry Colangelo.
MAGI, led by former NBA great-turned-businessman Earvin “Magic” Johnson, also has expressed interest in pursuing a Las Vegas expansion team.
Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on X.
