A group that includes former Milwaukee Bucks owner Marc Lasry, Fran Harris, Jenny Just and NBA star Kevin Durant officially has submitted a bid to own a WNBA expansion team in Austin, Texas, USA TODAY Sports has learned from two people with direct knowledge of the bid.
They requested anonymity because they were not authorized to speak publicly about the group’s bid.
Lasry is the leading financial backer and brings pro sports ownership experience to the group. Harris, who also played college basketball at Texas and played two WNBA seasons, is an entrepreneur and previously has expressed interest about bringing a WNBA team to Austin. Just is the co-founder and managing partner at fintech firm PEAK6, which is headquartered in Austin. Durant is an All-Star for the Phoenix Suns and played one season of college basketball at Texas.
The WNBA has received more than 10 bids for an expansion team, which would raise the number of teams to 16. WNBA commissioner Cathy Engelbert said she would like to add the 16th team by the 2028 season.
Bids were due Jan. 30, and Detroit, Nashville, Cleveland, Philadelphia and Houston are among the cities bidding for the expansion team. The bids from Detroit, Cleveland, Philadelphia and Houston were submitted from the NBA ownership groups in those cities.
The expansion Golden State Valkyries will join the WNBA in 2025, and the Toronto Tempo and Portland will join the league in 2026.
WNBA ownership has turned into valuable and worthwhile investments due to rising attendance and popularity, TV ratings and a new TV deal with Disney (ABC/ESPN), Prime Video and NBC Universal.
Harris is an author, entrepreneur, TV personality, entertainment producer and is deeply invested in Austin. She had connected with Durant and then began searching for other partners. She had identified Lasry as a potential partner before they met, and his name kept popping up in conversations, a person with knowledge of the Austin bid group told USA TODAY Sports.
Lasry and Harris met at a sports industry conference in New York in November, had dinner and continued discussing an Austin WNBA expansion bid.
Lasry was a part of group that bought the Bucks for $550 million in 2014, and he sold his 25% share to Jimmy Haslam at $3.5 billion valuation – more than $800 million to Lasry, the co-founder of Avenue Capital Group, a private equity and investment firm.
During Lasry’s ownership, the Bucks built a new practice facility, new arena, won an NBA championship and helped reshape Milwaukee’s downtown entertainment district. He has strong ties throughout the league and has experience working with local business leaders and elected officials.
The group’s bid includes plans for a new practice facility and plans to play home games at Moody Center. The group appreciates the city and region’s commitment to women’s basketball and understands the business opportunities for a pro sports franchise in Austin.
Durant has explored various investment opportunities in and outside of sports, and the 2023 NBA collective-bargaining agreement between the league and players allows NBA players to own a maximum of 4% of a WNBA that has no affiliation with an NBA team.
The fee for this expansion franchise could fetch as much $200 million.