Jerry Colangelo Leads PE Push for Las Vegas NBA Expansion

Colangelo’s Expansion Legacy

At 86, former Phoenix Suns owner Jerry Colangelo is guiding a private‑equity consortium to bring an NBA franchise to Las Vegas. A pioneer in professional sports, Colangelo ushered the Chicago Bulls into the NBA in 1966, built the Phoenix Suns in 1968, co‑founded the Arizona Diamondbacks in 1995, and launched the WNBA’s Phoenix Mercury in 1997. His track record includes buying the Suns for $44.5 million in 1987 and selling them for over $400 million in 2004—a record price that stood until the Golden State Warriors fetched roughly $460 million.

The former Suns owner now argues that today’s “whole different game” of valuations and ownership groups makes Las Vegas ripe for an NBA team.

NBA Board Sets 2028‑29 Timeline

The NBA’s Board of Governors voted on March 25 to explore expansion franchises in Las Vegas and Seattle, targeting play in the 2028‑29 season. The move marks the league’s first expansion in more than a decade and follows a broader trend of private‑equity involvement across major sports. According to Front Office Sports, nine NBA franchises are already owned by PE groups, while JP Morgan reported in 2025 that nearly one in five teams in the NFL, NBA, MLB and NHL have some PE stake.

Colangelo, who spoke with The Arizona Republic, said the league’s hesitation is puzzling given Vegas’s growing sports ecosystem.

The Private‑Equity Surge in Sports

Colangelo notes that team ownership has become “very sophisticated.” Valuation shifts illustrate this: the Bulls cost $1.2 million in 1966, the Suns $2 million in 1968, and the Clippers sold for $2 billion in 2014 when Steve Ballmer closed his deal. The influx of PE groups now represents a “new twist” that reshapes how leagues think about growth and revenue sharing.

The rise of PE has altered the financial landscape, giving owners access to deeper capital and new strategic expertise.

Why Las Vegas Is primed for NBA Success

Colangelo highlights Las Vegas’s international appeal and visitor volume, comparing the market to Phoenix’s successful NBA environment. He points to the city’s basketball heritage—UNLV’s Jerry Tarkanian era, the NBA Summer League, and his own 20‑year run as Team USA men’s basketball director (2005‑2021) as evidence of deep fan engagement.

With the Raiders (NFL), Athletics (MLB) and a future NHL team already established, Colangelo believes the NBA will finally join the “big four” in Sin City. The franchise’s potential, he says, is “extremely successful for all the reasons we’re now talking about.”

The coming Las Vegas franchise could become a showcase for how private‑equity ownership reshapes the NBA, offering both on‑court competition and a model for future expansion in untapped markets.