In collaboration with RedBird Capital Partners and Fenway Sports Group, LeBron James is committed to establishing a new NBA franchise in Las Vegas, which is quickly becoming one of the premier sports centers in the United States. It is noteworthy that, over the last decade, around US$7.7 billion was invested in infrastructure in the city to host major sporting events and welcome teams from the main US leagues.
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During the Sports Business Journal (SBJ) Intercollegiate Athletics Forum, a conference on business related to American college sports, Gerry Cardinale, founding partner of RedBird Capital, confirmed that his company is collaborating with LeBron James and the Fenway Sports Group to develop a team of the NBA in the state of Nevada.
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Despite significant interest, the founder of RedBird Capital acknowledged that the recent appreciation of NBA franchises could complicate the group’s plans, which acquired Milan, from Italy, in 2022. “We started this project three years ago. At the time, the price of an NBA team was estimated at $3 billion. Currently, the estimated value for an NBA expansion team is between $5.5 billion and $6 billion. I’m not sure I can make that possible,” commented Gerry Cardinale.
James reiterated his desire to own a franchise in Las Vegas, citing the city’s vibrant sports culture as an attractive factor. “It’s unbelievable to say, but Vegas is a sports city. Look at the Aces, the hockey team, the Raiders, the A’s are coming here. We recently had F1 here. It’s a sports city. I hope I can bring my franchise here someday,” said the Lakers star in an interview before the game against the Pelicans.