LAS VEGAS (FOX5) — A new group has joined the race to bring an NBA franchise to Las Vegas, and it says it’s already committed $8 billion to its bid — with more money on the way.
The Las Vegas Jacks on Wednesday officially unveiled its leadership group, led by Basketball Hall of Famer Jerry Colangelo, former NBA player and head coach Vinny Del Negro, Emmy Award-winning media executive David Levy, finance chairman Scott Colangelo, CEO Jonathan Thomas and former NBA player Jay Williams. BTIG and U.S. Bank, supported by Global Leisure Partners, will serve as institutional financial partners.
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According to a release, the group has set an asset target of $12.5 billion to $13 billion, with $5 billion already committed and another $3 billion formally indicated.
Scott Colangelo said the group’s priorities include raising the full capital amount in cash, building a basketball arena and delivering an exceptional experience for Las Vegas.
“The quality of our team is second to none and we fully plan on executing on all of the above priorities,” Scott Colangelo said. “The people of Las Vegas deserve no less.”
Arena plans and interim home
As part of its short-term plan, the group intends to begin play at T-Mobile Arena while pursuing development of a basketball-centric multi-purpose sports, entertainment and convention venue.
Del Negro said the group’s vision centers on making Las Vegas an international hub for global basketball events.
“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.
Jerry Colangelo said the sport has reached new levels of global popularity, pointing to the five top MVP vote-getters all being internationally born.
“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.”
Levy, former president of Turner Sports and co-founder of HS&E, said the group stands out among those he has worked with throughout his career.
“It’s a remarkable collection of basketball, business, finance and media talent with a shared commitment to building something truly special,” Levy said.
American Century Chairman and CEO Jonathan Thomas noted the timing of the announcement, made on the eve of the NBA Summer League.
“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 organization said more announcements will follow.
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