PHOENIX – In 1968, a 28-year-old Jerry Colangelo was handed the keys to a brand-new NBA franchise. As the first general manager of the expansion Phoenix Suns, he helped build professional basketball in the desert from the ground up.
Twenty-six years later, in 1994, he turned to Major League Baseball and brought together another group of investors to buy a franchise one year ahead of MLB’s expansion selection meetings. The following year, in 1995, he and his group were granted ownership of the Arizona Diamondbacks.
Never one to quit working, Colangelo, now 86, is trying to bring an NBA franchise to Las Vegas.
“Basketball has become a global sport to levels never seen before,” Colangelo said in a statement. “With the five top MVP vote-getters being all internationally born, the game is reaching unparalleled heights.”
The ownership group, known as the Las Vegas Jacks, includes Colangelo, former Suns guard Vinny Del Negro, media executive David Levy, finance executive Scott Colangelo (no relation), CEO of American Century Investments Jonathan Thomas and former NBA guard Jay Williams.
“My excitement for this project and for our Jacks’ vision is right up there in terms of my career,” Colangelo said. “We all are 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 group says it already has financial backing. The members have a capital raising target of $12.5 billion to $13 billion, with $5 billion already committed and $3 billion formally indicated. BTIG and U.S. Bank, supported by Global Leisure Partners, will serve as financial advisors to the project.
Scott Colangelo, the chairman and managing partner of Prime Capital Financial, said that the ownership group has already established a road map for its plan.
“Our team is focused on executing on three very distinct levels,” he said. “Raise the entirety of the capital in cash with exceptional business leaders. Build the most impressive state of the art basketball arena in the world. And be a part of a group committed to giving the city of Las Vegas what they deserve, exceptional (basketball).”
The group announced that it intends to have the team play at T-Mobile Arena while it begins the development of a new stadium and while other facilities are being constructed.
Del Negro said the group’s experience gives it a unique advantage.
“We believe that with our leadership and vision for Las Vegas basketball to be an international hub for global basketball events, that no other group can match the proven leaders we have assembled in making Las Vegas an unparalleled success,” Del Negro said.
Former President of Turner Sports, David Levy, agreed with Del Negro.
“When I saw the caliber of the team and its vision, I immediately knew this was different,” Levy said. “I’ve had the privilege of collaborating with many of the most influential leaders in sports throughout my career, and this group belongs in that conversation.
“It’s a remarkable collection of basketball, business, finance and media talent with a shared commitment to building something truly special.”
Thomas said the timing of the announcement was fitting.
“Making this historic announcement on the eve of the NBA Summer League and our event – The American Century Championship – is certainly the perfect precursor,” Thomas said.
The Jacks aren’t the only group that has shown interest in owning an NBA franchise in Las Vegas.
Las Vegas Golden Knights founder and owner, Bill Foley, announced on June 22 that he also intends to bid for an expansion franchise.
“Las Vegas has earned its place among great sports cities in America and an NBA team belongs here,” Foley said in a statement. “We built the Golden Knights into a championship organization from the ground up and we are prepared to do it again.”
For decades, Las Vegas was viewed as an unlikely destination for major professional sports franchises because of its close ties to the gambling industry. This perception has changed drastically in recent years, both because of the widespread acceptance and availability of sports gambling, and because of the success of Foley’s NHL franchise.
The Golden Knights were the first major pro franchise in the city, beginning play in the 2017-18 NHL season. The Knights’ success – Vegas won the Stanley Cup in 2023, has been to the Cup Final three times and has achieved sellouts for virtually every regular season and playoff game since joining the NHL – led other leagues to explore the market.
The city is now also home to the NFL’s Raiders and the WNBA’s Aces. MLB’s Athletics will move to Las Vegas in 2028 when their new stadium is built. An NBA franchise would complete the city’s collection of teams from North America’s four major men’s professional sports leagues.
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