NBA Board of Governors approves expansion exploration plan for two iconic cities

The NBA's Board of Governors met in New York on Wednesday and moved closer to bringing expansion back to the league. The gathering was meant to officially authorize the process of evaluating candidate cities, and it looks like Seattle and Las Vegas are the two markets getting the green light for deeper review.

The vetting process drags on for months and includes thorough financial assessments of ownership groups who are preparing to pay what could end up being a historic expansion fee.

Some projections have that number climbing to $10 billion per franchise, so the league is not cutting any corners.

NBA approves exploration of expansion franchises

Now that the meeting has wrapped, there's more clarity on how things played out and where the league is headed with expansion.

According to Shams Charania of ESPN, the NBA's Board of Governors approved a measure that allows the league to explore expansion through a formal bidding process. The evaluation will be limited to potential franchises in Las Vegas and Seattle.

Sources indicated that the bidding process is expected to generate offers ranging from $7 billion to $10 billion for each expansion team. No final decisions regarding team approvals or timelines have been announced at this stage.