A high-profile investment battle has emerged over the future NBA expansion franchise planned for Las Vegas, with a consortium led by former Disney CEO Bob Iger and investor Joshua Kushner preparing a bid for majority ownership.
According to Bloomberg reporting, the new franchise is expected to join the league in the 2028–2029 NBA season. The NBA Board of Governors formally approved the exploration of expansion opportunities in both Las Vegas and Seattle in March 2026.
Star-powered ownership race
The bidding group brings together influential figures from media, finance, and sports investment. Bob Iger has already been active in the sports ownership space, including his stake in National Women’s Soccer League club Angel City FC.
Joshua Kushner, through his investment firm Thrive Capital, has also expanded his footprint in sports assets and is reportedly required to divest his minority stake in the Miami Heat in order to participate in the Las Vegas bid.
Franchise valuation reaches record levels
Market estimates suggest the Las Vegas NBA expansion franchise could be valued between $5.5 billion and $6 billion, positioning it among the most expensive sports franchise entries in history.
The potential deal reflects the NBA’s broader strategy of strengthening its global commercial reach and unlocking new revenue streams through expansion into high-profile U.S. markets.
Sports ownership as a financial asset class
The bidding competition, which also includes groups such as RedBird Capital and Fenway-linked investors, highlights the increasing transformation of sports franchises into premium investment vehicles.
Analysts say the Las Vegas expansion underscores a wider shift in professional sports: clubs are no longer just competitive teams, but large-scale financial assets within a rapidly growing global sports economy.