The NBA's expansion process is gaining momentum as the league evaluates potential new franchises in Las Vegas and Seattle, according to sources cited by The Athletic. The league and financial advisory firm PJT Partners recently asked interested bidders to submit preliminary information, including cap-table sketches, investor details and proposed purchase prices.

Groups pursuing a Las Vegas franchise face a second, more detailed submission deadline in September, while only one bidding deadline currently exists for Seattle. Sources believe the NBA intends to finalize a Las Vegas ownership group before turning attention to Seattle.

The NBA has indicated it is seeking $7 billion to $10 billion for each new franchise, with Las Vegas expected to command the higher end of that range. Some industry estimates place a potential Las Vegas price tag near $9 billion.

Vegas Golden Knights owner Bill Foley and Walmart heirs Nancy Walton Laurie and Bill Laurie are considered among the leading contenders for the Las Vegas franchise, alongside at least one additional undisclosed bidding group.

A separate group featuring longtime NBA executive Jerry Colangelo, former NBA head coach and player Vinny Del Negro and former Turner Broadcasting president David Levy has also emerged as a bidder, reportedly capable of raising up to $13 billion for a franchise and new arena.

Foley previously brought the expansion Golden Knights to Las Vegas a decade ago, a franchise that has since reached two Stanley Cup Finals and won a championship in 2023.

"We did a couple things really well," Foley told The Athletic last month. "We're going to do it on steroids with an NBA team."

Samantha Holloway, owner of the NHL's Seattle Kraken, remains the only publicly known bidder for a Seattle franchise. Adam Silver indicated additional interest may exist beyond what has been publicly reported.

"I wouldn't conclude that because there aren't other public groups coming forward, that therefore there isn't other interest in Seattle," Silver said. "There is."

Holloway consolidated ownership of the Kraken and majority control of Climate Pledge Arena earlier this year and has expressed interest in bringing NBA basketball back to the city.

"If done the right way, an NBA team is additive," Holloway told The Athletic earlier this year. "It's been important that we've had enough time to build the Kraken brand and get to where we want to be. There's always room to grow, but it's a great time to add basketball, and they're complementary if done correctly."

The NBA has scheduled a Board of Governors meeting for September, with Silver saying he hopes to reach a decision on expansion by the end of 2026. Silver has stopped short of committing to adding any new franchises, noting the league could ultimately decide against expansion altogether. The NBA is also in the process of creating a new league in Europe.

Las Vegas has hosted the NBA's Summer League since 2004 along with numerous preseason games and the first three NBA Cup championship rounds. Seattle last had an NBA franchise before the SuperSonics relocated to Oklahoma City in 2008.

Silver expressed optimism about the NBA's growing presence in Las Vegas during comments last month.

"This has become the city, an entertainment hub globally," Silver said. "It brings enormous interest to the game of basketball. I really appreciate what we're seeing so far, so it's very encouraging. No votes have been taken yet. We've got a ways to go in terms of discussions with interested parties, but I'm optimistic about the future here."

However, the NBA has relocated the final of its in-season tournament away from Las Vegas for the upcoming season after hosting it there each of the past three years.