Las Vegas Golden Knights founder and majority owner Bill Foley announced Monday he is pursuing an NBA expansion franchise in Las Vegas, entering a bidding process that league projections suggest could generate offers between $7 billion and $10 billion.

The NBA's board of governors approved a vote in late March to explore expansion bids exclusively in Las Vegas and Seattle, with all 30 owners voting in favor of the initiative, according to ESPN's Shams Charania.

Foley has retained Morgan Stanley & Co. LLC as financial adviser and Simpson Thacher & Bartlett LLP as legal counsel. The law firm has prior involvement in NBA ownership transactions involving the Brooklyn Nets and San Antonio Spurs.

"Las Vegas has earned its place among great sports cities in America, and an NBA team belongs here," said Foley. "We built the Golden Knights into a championship organization from the ground up, and we are prepared to do it again -- with the same standard, the same commitment to this community, and the same insistence on winning. We have the market, a proven world-class arena and a best-in-class organization in place. Our intention is to be ready the day the NBA is ready."

Foley intends to base the team at T-Mobile Arena, which has hosted collegiate and professional basketball since opening in April 2016 and seats 18,000 for basketball. Foley said he expects the bid group to include "a limited number of strategic and minority partners" aligned with the franchise's long-term vision.

Forbes estimates Foley's net worth at $2.6 billion. He also owns AFC Bournemouth, FC Lorient, Moreirense F.C. and Auckland FC across four international soccer leagues.

Under Foley's leadership, the Golden Knights reached the Stanley Cup Final in their inaugural 2018 season before claiming the title in 2023. The franchise returned to the Final again this season and lost to the Carolina Hurricanes. Las Vegas has grown considerably as a sports market, adding the NFL's Raiders in 2020, with MLB's Athletics set to arrive in 2028.

"This is the NBA's decision to make," Foley said. "Our job is to provide the league a Las Vegas option that is ready, credible, and built to last."