Kenny Smith Group Exits Las Vegas NBA Bid
The ownership team dropped out after the NBA raised the minimum franchise cost to $10 billion.
Updated on Oct. 24, 2026 in Basketball
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Former NBA player Kenny Smith and his ownership partners have exited the bidding process for a potential Las Vegas expansion franchise. The group withdrew after the league increased its minimum franchise cost requirement to $10 billion.
Why it matters
The group, which included Marc Lasry and Steve Apostolopoulos, opted out after the league signaled that initial bids between $9 billion and $9.5 billion were insufficient. This withdrawal narrows the field as the NBA prepares to select a winner for the expansion team.
Kenny Smith raised 20% of the total bid for his group before they withdrew from the process. The NBA requires a minimum investment of $10 billion for the franchise.
The players
Kenny Smith
He is a former professional basketball player who played 10 NBA seasons between 1987 and 1997.
Marc Lasry
He is a prominent investor and former co-owner of the Milwaukee Bucks.
Steve Apostolopoulos
He is a Canadian billionaire and investor who has previously pursued professional sports franchise ownership.
Bill Foley
He is a business executive best known for his leadership in the financial services industry and as the owner of the Vegas Golden Knights.
Jerry Colangelo
He is a legendary sports executive and former longtime owner of the Phoenix Suns who has been instrumental in the growth of the NBA.
The details
The league is currently reviewing three finalist groups for the Las Vegas expansion, including those led by Nancy Walton Laurie and Bill Laurie with Egon Durban, as well as Bill Foley and Jerry Colangelo. The franchise is expected to begin play during the 2028-29 or 2029-30 season.
Timeline
October 1, 2026: Kenny Smith's involvement was first reported.
October 23, 2026: Kenny Smith's group involvement was confirmed.
November 2026: The NBA is expected to award the franchise.
2028-2030: The team would begin play.
Season Trajectory
The withdrawal of a major bidder alters the timeline and financial stakes of the league's expansion plans. This development sets a new fiscal benchmark for professional sports ownership as the NBA moves toward awarding the franchise.
The league's shift to a $10 billion floor likely removes lower-capital groups from consideration, leaving only the most significant financial entities in the running. Fans can expect the final selection to dictate which ownership structure will manage the team's debut in the 2028-29 or 2029-30 season.
The takeaway
The high cost of entry highlights the extreme valuation growth currently seen in top-tier professional sports leagues. Prospective investors must be prepared to commit massive capital to remain competitive in modern expansion bidding processes.
What happens next
The NBA is expected to officially award the Las Vegas expansion franchise in November 2026.
Further reading
Learn more about the league's plans for Basketball and future expansion growth.
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