Sphere Entertainment is no longer working with a private equity firm over plans to develop an NBA-ready arena in Las Vegas. Such a project would be a direct competitor, so Oak View Group’s 14-month relationship with the Sphere is now over.
tasked the private equity firm with finding a title sponsor for the Sin City arena
Billionaire James Dolan, whose assets include the Sphere, Madison Square Garden, and the New York Knicks NBA team, is a long-time friend of Oak View co-founder Irving Azoff. He tasked the private equity firm with finding a title sponsor for the Sin City arena willing to pay $40m annually. They didn’t manage to do so, with Dolan reportedly declining a $30m bid.
Oak View Group CEO Tim Leiweke is leading the efforts to develop an NBA arena in the Rio Hotel & Casino’s parking lot that would hold a similar number of spectators as the Sphere.
The project is still a long shot, as the NBA would need to approve a team going to Las Vegas for the first time. NBA Commissioner Adam Silver said in September that the league’s board of governors will discuss possible expansion teams at some point during the current season.