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Red Bull eyeing bid for a Las Vegas NBA franchise
The Straits Times
|June 22, 2024
Red Bull is considering bidding for a new National Basketball Association (NBA) team, according to people familiar with the matter, in a move that would significantly strengthen the energy drink giant's sports empire.
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The deliberations, currently focused on a new franchise in Las Vegas, are internal and at an early stage, the people said, asking not to be named discussing confidential information.
Price will be a considerable factor in any potential bid, they added.
"We generally do not comment on speculation about what we are or are not planning," a Red Bull spokesman said.
An NBA expansion team could cost more than US$4 billion (S$5.4 billion), especially in Las Vegas, which has been trying to attract sports teams to bolster its allure as a tourist destination.
NBA commissioner Adam Silver has said that the league will turn to expansion after it completes a new round of TV rights deals. Las Vegas and Seattle are considered favourites for new franchises, with Mexico City also a contender.
This story is from the June 22, 2024 edition of The Straits Times.
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