Several former NBA basketball players have joined forces with media and business executives, and multiple financial services companies, to form a new ownership group seeking to acquire a franchise in Las Vegas.
The group, known as the Las Vegas Jacks, is led by basketball hall of famer Jerry Colangelo, and features ex-NBA players Vinny Del Negro and Jay Williams, media executive David Levy, finance chairman Scott Colangelo, and American Century Investments CEO Jonathan Thomas.
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Meanwhile, global financial services firm BTIG and US Bank, supported by Global Leisure Partners, will serve as institutional financial partners, who will provide “the capital markets expertise and advisory support required to execute this multi-faceted franchise acquisition and development strategy.”
With an asset target of $12.5 to $13 billion, $5 billion already committed, and another $3 billion formally indicated, the Las Vegas Jacks have outlined a vision to bring the NBA’s next franchise to Las Vegas and build a global basketball destination.
Jerry Colangelo said: “Basketball has become a global sport to levels never seen before. With the five top MVP vote-getters being all internationally born, the game is reaching unparalleled heights.
“My excitement for this project and for our Jacks’ vision is right up there in terms of my career. We are all committed and working as hard as we can to bring the league, owners, and the fans the best proposal and end product possible to Las Vegas.”
The Las Vegas Jacks leadership team claims to have combined expertise across basketball operations, league relationships, media rights, finance, venue development, premium hospitality, sponsorship, brand strategy, fan experience, global events, and long-term franchise growth.
In addition to securing an NBA franchise, the ownership group is seeking to build a new arena and other new facilities.
As part of its short-term, strategic plan, the group intends to play games at T-Mobile Arena “while pursuing the development of a next-generation basketball-centric multi-purpose sports, entertainment and convention venue.”
The Las Vegas Jacks will be competing with Bill Foley, the founder and majority owner of the Vegas Golden Knights NHL team, who also recently announced plans to bid to bring the first NBA franchise to Las Vegas as the league mulls expansion.
The NBA's board of governors voted in late March to explore bringing in two expansion franchises in Las Vegas and Seattle.
Any expansion, which would take the NBA from a 30-team league to 32, will need to be approved by at least 23 of the 30 NBA governors, after bids and applicants are secured.
A successful bid to own one of the two expansion franchises, meanwhile, would reportedly set a buyer back between $7 billion and $10 billion.
The NBA is reportedly looking at the 2028-29 season to add new teams if all conditions for expansion are met.
Las Vegas has never previously had an NBA franchise, but does boast the NFL's Las Vegas Raiders in addition to the Golden Knights. They will soon be joined by the Athletics franchise in Major League Baseball, which is set to move to the city in 2028.
Both the Raiders and Golden Knights moved into the city in the last decade, signifying Las Vegas' growing appeal as a sporting destination and hub.
The city of Las Vegas has also hosted a Formula 1 Grand Prix since 2023.
In terms of association with the NBA, the league has previously brought All-Star and Summer League events to Las Vegas, while the WNBA's Las Vegas Aces have played there since 2018. More recently, the city was established as the host of the final of the NBA's new in-season tournament.
The NBA last added a completely new franchise in 2004, based in Charlotte, North Carolina.
Meanwhile, the Dallas Mavericks have agreed a multi-year partnership with JPMorganChase, designating Chase the official Jersey patch and banking partner of the franchise.
As the financial services company’s first NBA jersey patch team, the Mavericks will feature the Chase logo on the upper left side of all four official Mavericks player jerseys.
The tie-up will also be activated throughout American Airlines Center, where Chase will have a prominent presence across the arena, including a dedicated entrance on the east side of the building for eligible cardholders.
Chase will replace financial services platform Chime as the franchise’s jersey patch sponsor. Chime held the rights for the past seven years.
As part of the partnership, Chase cardholders will have access to year-round benefits at Mavs Shops and arena concessions during Mavericks games and select American Airlines Center events. Cardholders can also unlock exclusive game-day perks, including ticket offers, Chase Preferred Seating, on-site merchandise and concession offers, and VIP experiences.
JPMorganChase and the Mavericks will also work together on local business and community initiatives.
