ADVERTISEMENT
Shop at Jay’s Market on Flamingo Road at the Koval Lane intersection east of the Strip.
By Alan Snel, LVSportsBiz.com Publisher-Writer
LAS VEGAS, Nevada — The National Basketball Association will start an “in-depth analysis” into expanding into markets like Las Vegas and Seattle, but it’s too early to identify a timeline and say how much the expansion fee will be, NBA Commissioner Adam Silver told media at the Summer League Tuesday.
With the Los Angeles Lakers selling for $10 billion and the Boston Celtics going for $6.1 billion and a $76 billion 11-year media deal cut last year, “It’s truly a complicated issue,” Silver said of expansion after the NBA Board of Governors met today.
“Those purchase prices have impact on teams,” Silver said. “It’s one of the factors we have to look at, diluting existing equity.”
Here’s Silver in his own words:
As usual, Silver said the 21st running of the Summer League in Las Vegas plus the NBA Cup tournament semis and final at T-Mobile Arena in mid-December is akin to Las Vegas being the NBA’s 31st franchise. It’s a line he has used many times.
“We own two weeks of the calendar” in Las Vegas, Silver said.
Vegas Golden Knights owner Bill Foley has said he’s willing to invest $300 million to upgrade T-Mobile Arena and make it a hospitable venue to host an NBA team some day. Foley owns 15 percent of the arena that opened in April 2016 as the home for the VGK and UFC.
“T-Mobile Arena is the perfect place for an NBA team to play,” Foley told Vegas PBS in December. “We have a plan in place to spend about $300 million to improve T-Mobile, add seats, add hospitality, add suites, in particular, and upgrade the park.”
After Silver answered questions for 30 minutes, he moved to the side and warmly greeted NBA Summer League organizers Warren LeGarie and Albert Hall.
PSA