Rumors are swirling that the Red Bull Group is setting its sights on the NBA, potentially eyeing an expansion team based in Las Vegas, Nevada. This revelation comes hot on the heels of Bloomberg’s report about the company’s internal deliberations and preliminary talks. The burning question, though, revolves around the NBA’s asking price for this expansion venture. Is Red Bull ready to pay the rumored astronomical sum to secure their place in the basketball world?
Is Red Bull Ready to Pay $4 Billion for NBA Glory?
As the NBA prepares to unveil its next media rights deal, speculated to be worth a staggering $76 billion, the league is expected to kickstart discussions on expanding by adding two new franchises. Las Vegas, with its glitzy allure and status as an entertainment mecca, has been a frontrunner in these speculations. The city’s relationship with the NBA has grown stronger, hosting the NBA Summer League annually and now serving as the stage for the new NBA In-Season Tournament finals.
Las Vegas isn’t just a gamble for tourists; it’s a commercial jackpot for sports investors. Red Bull, already a powerhouse in sports like football and Formula One, sees a golden opportunity to splash its brand across the NBA landscape. However, the catch lies in the price tag. Insiders suggest the cost of an expansion team could soar to a jaw-dropping $4 billion, fueled by recent high-profile team sales.
Just last year, Mat Ishbia’s acquisition of the Phoenix Suns for $4.2 billion set a new benchmark. Meanwhile, NBA legend Michael Jordan cashed out his majority stake in the Charlotte Hornets for about $3 billion, further driving up valuations.
But Red Bull isn’t the only shark in the tank. Fenway Sports Group (FSG), bolstered by NBA veteran Bill Simmons’ 2022 revelations, is also in the running. Adding spice to the mix, LeBron James might join forces with FSG, intensifying the competition for a Las Vegas franchise.
Should Red Bull miss out on Las Vegas, all hope isn’t lost. The NBA’s expansion plans include two new teams, potentially bringing the total to 32 franchises. Seattle is also on the radar for a comeback, with fans yearning for the return of the Seattle Supersonics, a beloved team from 1967 to 2008 before their controversial relocation to Oklahoma City.
A Red Bull-backed bid to resurrect the Supersonics could be a masterstroke, winning over legions of nostalgic fans and reigniting Seattle’s basketball fervor.
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