LeBron James has spent the better part of a decade making his desire to own an NBA team clear. He wanted Las Vegas, and in 2022 he told Commissioner Adam Silver directly. But with the NBA set to take a significant step toward expansion next week, James’ path to ownership appears more complicated than before.
How Fenway Sports Group’s Decision Impacts LeBron James’ Las Vegas NBA Expansion Dream
The obstacle is significant. Fenway Sports Group (FSG), James’ business partner since 2011 and the firm widely expected to serve as his primary financial backer in any ownership bid, is not currently interested in pursuing the Las Vegas expansion opportunity, according to The Athletic.
The reported reason is cost. The NBA is reportedly seeking expansion fees as high as $8 billion per team, a figure that has given FSG pause. “With Fenway no longer pursuing NBA ownership, it is less likely that LeBron will pursue a team,” a source close to James told The Athletic.
JUST IN: Fenway Sports Group, LeBron James’ business partner, is not currently interested in pursuing an NBA expansion opportunity in Vegas, sources told The Athletic.
A source close to James said “with Fenway no longer pursuing NBA ownership, it is less likely that LeBron will… pic.twitter.com/3m8P9795E0
— The Athletic (@TheAthletic) March 19, 2026
James’ relationship with FSG runs deep. He became an equity stakeholder in 2011 through a marketing deal that included a 2% ownership stake in Liverpool. In 2021, he joined as a full partner, acquiring a 1% stake that gave him partial ownership of the Boston Red Sox, Roush Fenway Racing, and other FSG properties. His longtime business partner, Maverick Carter, is also a partner in the firm.
James, 41, has long been open about his ambitions. He declared in 2016 that his dream was to own a team, said in 2019 that there was “no maybe about it,” and in 2022 made his preference for Las Vegas explicit on The Shop. “I want a team in Vegas,” he said. “I want the team in Vegas.”
His net worth is estimated at $1.4 billion, making him the first active NBA player to reach billionaire status. But that figure falls short of covering an expansion fee, meaning he would need a consortium of investors. Beyond FSG’s hesitation, NBA rules require him to retire before launching a formal bid, and he has not announced when he intends to stop playing. He will be an unrestricted free agent this summer.
The NBA is reportedly targeting fall 2028 as a potential launch window for new franchises. That timeline would make finding alternative investment partners and submitting a bid difficult, depending on when James retires.
The broader expansion process is still in its early stages. Team governors are scheduled to vote on March 25 on whether to formally evaluate Las Vegas and Seattle as expansion markets, a vote expected to pass.
If approved, Silver’s office would solicit bids from prospective ownership groups before bringing final proposals to existing owners for approval. Approval would require 23 of the league’s 30 owners. Other names linked to a potential Las Vegas bid include Magic Johnson and Vegas Golden Knights owner Bill Foley.
James could explore other financial partnerships beyond FSG, as he maintains strong ties with investors and business conglomerates. But FSG’s decision may ultimately shape the course of his ownership ambitions.
