Key Takeaways
- • Jerry Colangelo, former owner of the Phoenix Suns and Arizona Diamondbacks, has assembled an NBA expansion ownership group with an $8 billion committed capital war chest to pursue a Las Vegas franchise.
- • The group includes notable sports figures Vinny Del Negro, David Levy (founder of Horizon Sports & Experiences), Scott Colangelo, Jonathan Thomas, and ESPN analyst Jay Williams, positioning itself as a leadership-heavy bid with proven sports market-building expertise.
- • BTIG and U.S. Bank, supported by Global Leisure Partners, are serving as institutional financial partners providing capital markets expertise and advisory support for the franchise acquisition and development strategy.
- • The ownership group intends to position Las Vegas as an international hub for global basketball events, leveraging the five top MVP vote-getters being internationally born to capitalize on basketball's expanding global reach.
- • The proposed franchise, branded as the Las Vegas Jacks, could initially operate from the T-Mobile Arena while a new permanent arena is under construction.
Summary
Jerry Colangelo, the architect behind the Phoenix Suns' transformation into a major sports market, is leading a new ownership consortium vying for an NBA expansion franchise in Las Vegas. The group announced its bid in mid-2026, positioning itself as a serious contender in what has become an increasingly competitive race for a Las Vegas NBA team.
The ownership consortium has committed $8 billion in capital to support its expansion bid—a substantial financial commitment signaling credibility to the NBA's decision-making process. The group's composition reflects deep expertise across sports management, media, and finance. Alongside Colangelo, the leadership includes Vinny Del Negro, a former NBA coach and executive; David Levy, founder of Horizon Sports & Experiences; Scott Colangelo (unrelated to Jerry); Jonathan Thomas; and Jay Williams of ESPN. This blend of operational, media, and broadcasting expertise represents a differentiated approach to the expansion bid.
The institutional financial architecture undergirding the bid includes BTIG and U.S. Bank as lead financial partners, supported by Global Leisure Partners. These institutions will provide capital markets expertise and advisory support necessary for executing the franchise acquisition and arena development strategy. The partnership structure suggests a sophisticated, institutional-grade approach to financing and operational execution.
The group's strategic positioning emphasizes Las Vegas as an international basketball hub, noting that basketball's globalization has reached unprecedented levels, evidenced by five of the top MVP vote-getters being internationally born players. This forward-looking vision aligns league expansion strategy with demographic and competitive trends reshaping professional basketball. The proposed Las Vegas Jacks franchise would initially operate from the existing T-Mobile Arena while a purpose-built facility is developed, allowing for expedited market entry without construction delays.
Colangelo's involvement carries particular weight, given his successful track record in building the Phoenix market into a premier sports destination. His statement emphasizing commitment to "bring the league, owners and the fans, the best proposal and end product possible to Las Vegas" underscores the group's confidence in its execution capabilities relative to competing bids for the expansion franchise.
The ownership consortium has committed $8 billion in capital to support its expansion bid—a substantial financial commitment signaling credibility to the NBA's decision-making process. The group's composition reflects deep expertise across sports management, media, and finance. Alongside Colangelo, the leadership includes Vinny Del Negro, a former NBA coach and executive; David Levy, founder of Horizon Sports & Experiences; Scott Colangelo (unrelated to Jerry); Jonathan Thomas; and Jay Williams of ESPN. This blend of operational, media, and broadcasting expertise represents a differentiated approach to the expansion bid.
The institutional financial architecture undergirding the bid includes BTIG and U.S. Bank as lead financial partners, supported by Global Leisure Partners. These institutions will provide capital markets expertise and advisory support necessary for executing the franchise acquisition and arena development strategy. The partnership structure suggests a sophisticated, institutional-grade approach to financing and operational execution.
The group's strategic positioning emphasizes Las Vegas as an international basketball hub, noting that basketball's globalization has reached unprecedented levels, evidenced by five of the top MVP vote-getters being internationally born players. This forward-looking vision aligns league expansion strategy with demographic and competitive trends reshaping professional basketball. The proposed Las Vegas Jacks franchise would initially operate from the existing T-Mobile Arena while a purpose-built facility is developed, allowing for expedited market entry without construction delays.
Colangelo's involvement carries particular weight, given his successful track record in building the Phoenix market into a premier sports destination. His statement emphasizing commitment to "bring the league, owners and the fans, the best proposal and end product possible to Las Vegas" underscores the group's confidence in its execution capabilities relative to competing bids for the expansion franchise.
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