Businessman and sports executive Jerry Colangelo revealed his ambitious plans for a new NBA franchise located in Las Vegas. The group, named the Las Vegas Jacks, is backed by former NBA stars, financial executives, and media innovators. With $5 billion already committed to this initiative, it stands a real chance of producing the USA’s next big basketball team.
The New Team Boasts Extensive Expertise
Jerry Colangelo, who is the face of this new group, has extensive basketball experience. As the former owner of the Phoenix Suns and the Arizona Diamondbacks, he has proven his ability to manage high-profile teams. This new initiative aims to fully leverage his talents, taking advantage of the NBA’s decision to expand in Las Vegas and Seattle.
Joining Colangelo is a highly experienced team. Some of the most notable members include former NBA coach Vinny Del Negro, finance chairman Scott Colangelo, media executive David Levy, and ESPN sports analyst Jay Williams. The group aims to raise $13 billion for this new project, with $5 billion already committed and another $3 billion formally indicated.
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.
Jerry Colangelo
According to the group, Las Vegas Jacks will not be the name of the future NBA team. Colangelo noted that the aim was to elevate Las Vegas into a global basketball destination, leveraging the city’s popularity to deliver a one-of-a-kind experience. The team has the needed expertise to realize this vision and is already hard at work.
Competition Could Be Tough
A new NBA franchise would be pointless without a place to play. The Las Vegas Jacks are eyeing the T-Mobile Arena as an interim solution while they explore development opportunities. Later on, the group plans to create a next-generation basketball-focused venue that can also host other sports events and conventions. However, Colangelo did not provide any details regarding this development.
Despite these ambitious plans, the Las Vegas Jacks already face substantial competition. In June, Vegas Golden Knights founder and majority owner Bill Foley announced his own ambitions to pursue an NBA franchise. He also saw the T-Mobile Arena as a natural choice and added that his organization was up to the task thanks to its experience with the Knights.
No matter who wins the coveted franchise, Las Vegas remains a natural choice for a new NBA team. The city’s proximity to Harry Reid International Airport, along with the abundance of hotels and entertainment options, could turn it into the USA’s next big sports hub. Diamond Arena, a planned high-profile venue on the southern part of the Strip, could also become the home of the new franchise.