NBA NEARS OWNERSHIP CHOICE FOR LAS VEGAS EXPANSION TEAM

The NBA is reportedly close to selecting an ownership group for a new expansion franchise based in Las Vegas, according to reports. The league is said to have narrowed the field of bidders down to three finalists. Total costs linked to the new team are expected to exceed $12 billion to $13 billion, reports suggest. One report described the process as a bidding war worth around $13 billion. A final decision on ownership has not yet been confirmed publicly.

Among those reported to be involved in the bidding are a Walmart heiress and a man described as having been behind the USA "Redeem Team". Specific identities of all bidders in the three finalist groups have not been confirmed in reporting so far. If completed, the move would bring an NBA franchise to Las Vegas for the first time. The scale of the reported costs, running into the billions of dollars, reflects the level of interest reported in securing a licence for the city. No individual bid amount has been disclosed.

No timeline for a final announcement has been reported. The identity of the winning ownership group is expected to be confirmed by the league once a decision is made, though sources have not specified when that might happen. The reported involvement of high-profile bidders, including a member of the family behind the Walmart retail business, has drawn attention to the process. Further details of the three finalist bids have not been made public.