NBA Begins Talks With Investment Banks About Adding New Teams

The National Basketball Association has begun preliminary talks with investment banks as it decides whether to sell two new franchises that would likely fetch billions of dollars, according to people familiar with the matter.

PJT Partners Inc. has been advising the league for months about the potential expansion, the people said, asking not to be identified discussing confidential matters. Representatives for PJT and the NBA declined to comment.

The discussions to pick firms that would run the sale process come ahead of a vote the league has set for next week to decide whether to move ahead with the plan. ...