Bill Foley, owner of the NHL's Vegas Golden Knights, is pursuing an NBA expansion franchise in Las Vegas, drawing on the success of his previous expansion effort. Foley brought the Vegas Golden Knights to the city in 2017 and believes he can replicate that success on a larger scale.

"We did a couple things really well," said Foley. "We're going to do it on steroids with an NBA team."

Foley publicly announced his intent to pursue a bid last month and is assembling a group of investors. Foley told The Athletic that demand to join the effort has been strong enough to reconsider how much capital he originally planned to raise from institutional investors.

Foley is one of several parties pursuing an NBA franchise in Las Vegas. He said he knows of five separate groups working on bids, including one led by Magic Johnson, another involving former Disney CEO Bob Iger and venture capitalist Josh Kushner, and a third backed by former Milwaukee Bucks owner Marc Lasry.

A group led by longtime NBA executive Jerry Colangelo, former NBA coach Vinny Del Negro and ex-Turner Broadcasting president David Levy has also emerged as a serious contender. That group has already secured $8 billion in commitments and aims to raise up to $13 billion, with plans to operate under the name the Las Vegas Jacks.

Seattle, by contrast, has just one known bidder in Kraken owner Samantha Holloway. NBA commissioner Adam Silver has said a final decision on expansion will not come until the end of the year, though the league has taken steps toward exploring the process with investment bank PJT Partners serving as an adviser.

Foley believes his ownership of a stake in T-Mobile Arena, where the Golden Knights play, gives him a structural advantage over rival bidders. He estimated the arena would need $300 million to $400 million in upgrades to become NBA-ready, along with the addition of roughly 1,000 seats.

"I know I can do it again in basketball," said Foley. "It's going to be difficult, but I know I can do it. I know I can rally a team."