The NBA may finally be approaching the structural shift fans have debated for years. Expansion talk has floated around the league office for nearly a decade, but momentum now feels different as owners prepare for a key decision.

For the first time since the Charlotte franchise entered the league in 2004, the NBA is officially preparing to move the expansion process forward. And if the league’s next steps unfold as expected, Las Vegas and Seattle could soon reshape the NBA map.

On Monday, ESPN senior insider Shams Charania revealed the league’s next move. The NBA will hold a vote during the March 24-25 Board of Governors meetings to explore adding expansion franchises exclusively in Las Vegas and Seattle, with the two teams targeted to begin play in the 2028-29 season.

That vote represents the first formal step in what could become the largest structural expansion in more than two decades. Meanwhile, league insiders already project franchise bids between $7 billion and $10 billion per team, signaling enormous financial momentum behind the process.

However, the March vote does not immediately approve new teams. Instead, it authorizes the league to explore purchase pathways and open the bidding process for ownership groups in both cities. Later in 2026, the Board of Governors could hold a second vote to formally approve expansion if the bids meet the league’s financial threshold.

Both votes require a supermajority of 23 out of 30 governors to pass. That two-step structure allows the NBA to test the market while protecting current owners from premature equity dilution.

Commissioner Adam Silver has carefully paced the expansion conversation for years. The NBA deliberately delayed serious talks until two major economic pillars were secured: a stable Collective Bargaining Agreement and the league’s massive $76 billion media rights deal with Disney, NBCUniversal, and Amazon.

Because of that foundation, the league’s leadership began speaking more openly about expansion late in 2025. “I think Seattle and Las Vegas are two incredible cities.”

“Obviously, we had a team in Seattle that had great success.” “We have a WNBA team here in Las Vegas, the Aces. We’ve been playing the summer league here for 20 years. We’re playing our Cup games here, so we’re very familiar with this market.”

“I don’t have any doubt that Las Vegas, despite all of the other major league teams that are here now, and the other entertainment properties, that this city could support an NBA team.” Those comments came as Silver began confirming a clearer timeline.

During the 2026 All-Star Weekend in Los Angeles, he reiterated that expansion discussions would take place in 2026 while emphasizing the league wanted to avoid “teasing” potential markets without a real process.

As a result, the March vote now serves as the formal gateway to that process. Seattle’s return has long carried emotional weight after the SuperSonics relocated to Oklahoma City in 2008, while Las Vegas has steadily grown into one of North America’s most aggressive sports markets.

The city already hosts the NHL’s Golden Knights, the NFL’s Raiders, and the WNBA champion Aces. Meanwhile, the NBA has operated its Summer League there since 2004. Because of those factors, the two cities have emerged as the league’s clear expansion frontrunners.

LeBron James and Shaquille O’Neal still chasing NBA ownership dreams

For years, expansion has carried another storyline beyond league economics. Several NBA legends have openly expressed interest in owning future franchises, particularly in Las Vegas.

Shaquille O’Neal has long positioned himself as one of those hopeful owners. “I would like to have my own group. I know Vegas hasn’t been awarded an NBA team yet but if they ever get to a point where they are awarded a team, I would like to be a part of that; I don’t want to partner up with nobody. I want it all for myself.”

O’Neal previously held a minority ownership stake in the Sacramento Kings from 2013 to 2022. Since selling that share, he has repeatedly said he hopes to lead an ownership group for a future franchise.

The Hall of Famer has also lived in Las Vegas for more than two decades and operates several restaurants across the city.

“I’m doing very, very well, and I want to continue to grow with Vegas.” LeBron James has voiced similar ambitions for years. “I would love to bring a team here at some point. That would be amazing.”

“So, I want the team here, Adam. Thank you.” However, recent developments have complicated the idea that superstar players could lead ownership bids themselves.

Earlier this year, speculation suggested James might pursue a Las Vegas team after retirement, potentially alongside longtime agent Rich Paul. Those rumors intensified as the projected expansion price climbed toward the $10 billion range.

Paul quickly dismissed that narrative. He publicly stated he has never discussed purchasing an NBA franchise with James and acknowledged that the financial scale required to lead such a bid would demand enormous institutional backing.

Because of that reality, the ownership race now appears dominated by major investment groups rather than individual athletes. Magic Johnson has already taken steps toward that direction.

In February 2026, Johnson and partners from his MAGI ownership group held meetings with Nevada Governor Joe Lombardo and other civic leaders while exploring arena and development options for a Las Vegas franchise.

“Las Vegas is my favorite home away from home, and I can’t think of a better place to expand my MJE.” That activity underscores the financial arms race surrounding expansion.

While legends like James and O’Neal remain deeply connected to the conversation, the ultimate winning bid will likely come from a massive institutional ownership group capable of meeting the NBA’s historic valuation.

What happens next for the NBA expansion race

The next phase now depends entirely on the March vote. If governors approve the exploratory process, the NBA will formally open bidding for Las Vegas and Seattle ownership groups. That review will examine capital structures, arena readiness, and long-term market viability.

Only after that evaluation will the league schedule a final vote to officially approve expansion. If the bids meet the required valuation, the NBA could expand to 32 teams with both franchises launching in the 2028-29 season.

That outcome would reshape the league’s geography, economics, and ownership landscape all at once. For Seattle, it could finally restore the NBA to a city that lost the SuperSonics nearly two decades ago.

For Las Vegas, it would cement the city’s transformation into one of the most powerful sports markets in North America. And for LeBron James and Shaquille O’Neal, the moment could determine whether their long-voiced dream of NBA ownership becomes reality or simply remains part of expansion lore.