Simpson Thacher & Bartlett is advising Bill Foley, the majority owner of the National Hockey League’s Vegas Golden Knights, in a bid to bring professional basketball to Sin City.
Foley Entertainment Group said on Tuesday it is aiming to launch a National Basketball Association franchise in Las Vegas. The team would play in the same arena where Foley’s NHL team in 2023 lifted the Stanley Cup.
The NBA in March voted to explore expansion teams in Las Vegas and Seattle. Commissioner Adam Silver has said the teams could fetch an expansion fee between $7 billion and $10 billion.
Simpson Thacher, one of the country’s largest and most profitable law firms, in April bolstered its sports law practice by hiring partners Michael Kuh, Eric Geffner, and Matthew Carpenter-Dennis. Those three partners are leading the team advising on the deal, a Simpson Thacher spokesperson said.
Carpenter-Dennis joined Simpson Thacher from the NBA, where he served as vice president and assistant general counsel.
Law firms have rushed into the sports industry, following big-money clients and private equity firms who see it as a growth business. Law firms that have launched or grown their sports practices recently include Kirkland & Ellis, Latham & Watkins, Davis Polk & Wardwell, and Weil Gotshal & Manges.
Foley also tapped Morgan Stanley as financial advisor for the NBA bid.
(Adds detail on Simpson Thacher deal team in fourth paragraph.)
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