If you grew up on Suns basketball, this one hits different.
Jerry Colangelo, the man who built this franchise from a 1968 coin flip loss into a Western Conference institution, is officially back in the NBA ownership game at 86 years old.
The
Las Vegas Jacks unveiled their leadership group Wednesday, headlined by Colangelo, former NBA player and head coach Vinny Del Negro, media executive David Levy, finance chairman Scott Colangelo, CEO Jonathan Thomas, and former NBA player Jay Williams.
Full release can be read here: Las Vegas Jacks Ownership Group Assembles World Class Leadership Team to Pursue NBA Expansion Franchise
“Basketball has become a global sport to levels never seen before,” said Jerry Colangelo. “With the five top MVP vote-getters being all internationally born, the game is reaching unparalleled heights. My excitement for this project and for our Jack’s vision is right up there in terms of my career. We are all 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.”
The money is real. 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, and Levy says they plan to pay the expansion fee in cash. In the short term, they would play at T-Mobile Arena while developing a basketball-centric venue.
The competition is stacked. Magic Johnson’s MAGI group, Golden Knights owner Bill Foley, and former Bucks co-owner Marc Lasry are all in the mix, and Adam Silver hopes to have an expansion answer by the end of the year.
Are you all ready for Phoenix’s newest rival to be built just 4 hours and 30 minutes (by car) down the road?
