Las Vegas NBA expansion team being pursued by group led by former Suns owner Jerry Colangelo

Former Phoenix Suns and Arizona Diamondbacks owner Jerry Colangelo has thrown his hat into the Las Vegas NBA ring for an expansion team.

Along with Colangelo, the group is called the Las Vegas Jacks and includes former NBA player and coach Vinny Del Negro, media executive David Levy, finance chairman Scott Colangelo, American Century Investments CEO Jonathan Thomas and former No. 2 NBA pick and ESPN broadcaster Jay Williams, according to a news release.

“Basketball has become a global sport to levels never seen before,” Jerry Colangelo said in a statement. “With the five top MVP vote-getters being all internationally born, the game is reaching unparalleled heights.

“My excitement for this project and for our Jacks’ vision is right up there in terms of my career. We all are committed and working as hard as we can to bring the league, owners and the fans, the best proposal and end product possible to Las Vegas.”

The Jacks would not be the name of the NBA team should their bid be successful, according to the group’s spokesman.

Jerry Colangelo has extensive basketball experience besides the Suns, including running USA Basketball, which runs its camps at UNLV. More recently, he was the architect of Grand Canyon University’s rise to NCAA Division I.

The group is partnering with financial firm BTIG and U.S. Bank, supported by Global Leisure Partners, who serve as institutional financial partners, who will assist the group in their acquisition and development strategy. The group is targeting raising between $12.5 billion to $13 billion, with $5 billion already committed and another $3 billion formally indicated, according to the news release.

“Our team is focused on executing on three very distinct levels,” Scott Colangelo said in a statement. “Raise the entirety of the capital in cash with exceptional business leaders. Build the most impressive state of the art basketball arena in the world. And be part of a group committed to giving the city of Las Vegas what they deserve, exceptional.

“Not good or great. Exceptional. You can only do that with people who know basketball and have successfully run professional sports teams.”

The group plans for a Las Vegas NBA team to begin playing at T-Mobile Arena while a new arena is being built, according to the release. Golden Knights owner, Bill Foley, who is part of a different group pursuing a Las Vegas NBA expansion team, told the Review-Journal last week that he is open to the idea of T-Mobile being used as a temporary home for an NBA team, should his group not prove successful in their bid.

“I’m thrilled to be part of this All-Star lineup,” Thomas said in a statement. “Making this historic announcement on the eve of the NBA Summer League and our event - the American Century Championship - is certainly the perfect precursor.”