NBA team owners approve exploring expansion to Seattle and Las Vegas

NEW YORK, April 3 ------ The NBA Board of Governors voted to authorize the league to explore potential expansion teams for Las Vegas and Seattle that would bring the league to 32 clubs. The move is the first step in a lengthy process that could lead to a new team in Seattle, where the SuperSonics once played before moving to Oklahoma City, and Las Vegas, which has hosted NBA All-Star events and each year hosts Summer League games involving recruits and free agents.

As part of the process, the NBA engaged investment bank PJT Partners as a strategic adviser to evaluate prospective markets, ownership groups, arena infrastructure and broader economic implications of adding two new teams. "Today's vote reflects our board's interest in exploring potential expansion to Las Vegas and Seattle -– two markets with a long history of support for NBA basketball," NBA commissioner Adam Silver said.

We look forward to taking this next step and engaging with interested parties. It would take approval by 23 of the NBA's 30 governors to pass any motion on adding new teams, a move still several steps away. Team values have skyrocketed in recent years with the price tag for any new club expected to be in the range of $7 billion to $10 billion.

The Phoenix Suns were sold in 2022 for a then-record NBA sum of $4 billion, but the Boston Celtics were sold last year for $6.1 billion and the Los Angeles Lakers were sold the same year for $10 billion -- the highest-ever price paid for a US sports team. Expectations are for the league to add the new teams, if approved, in the 2028-29 campaign. The NBA last expanded in 2004 when adding a team in Charlotte, North Carolina.

Source: news.abs-cbn.com