Asset Class: Vegas Jacks Plan

July 16, 2026

A group led by former NBA owner and executive Jerry Colangelo unveiled plans to bid for a potential NBA expansion franchise in Las Vegas just last week, but trademark filings show the group has been preparing the Las Vegas Jacks for more than a year.

—Ben Horney

First Up

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Bryce Harper says FanDuel had “no right” to slap its logo on a Cameo video he made that was sent to a gambling addict in 2024. Read the story.
George Gervin was rejected in his initial attempt to trademark the term “Iceman,” while Bears QB Caleb Williams also seeks to trademark the same name. Read the story.

Las Vegas Jacks Have Been in the Works for Over a Year

Arizona Republic

A group led by former NBA owner and executive Jerry Colangelo unveiled plans to bid for a potential NBA expansion franchise just last week, but behind the scenes it appears to have been preparing the Las Vegas Jacks for more than a year, trademark filings show.

When the Jacks were announced July 8, the name drew criticism online from people upset about the planned use of a gambling term, and some pointed out that the WNBA already has the Las Vegas Aces. “We hope they can come up with a more impressive team name,” one account with more than 461,000 followers wrote on social media. Barstool Sports published a story saying the name “stinks.”

Naysayers may be dismayed to learn the group behind the Jacks—which in addition to Colangelo includes Horizon Sports & Experiences CEO David Levy, ESPN commentator and former Bulls point guard Jay Williams, and former Clippers coach Vinny Del Negro—didn’t just come up with the name. A corporate entity called LV NBA Newco LLC filed two separate trademark applications in 2025, one in May for “LV Jacks,” and another in June for “Las Vegas Jacks.”

Although the filings don’t explicitly say Colangelo’s group is behind the trademark applications, LV NBA Newco uses an address in Overland Park, Kansas, that is home to Prime Capital Financial, where Scott Colangelo, who is part of the Jacks group, serves as managing partner. (Scott Colangelo reportedly has no family relation to Jerry Colangelo.)

Both trademark applications seek to use the names for two purposes: T-shirts, sweatshirts, and other apparel, plus “entertainment services in the nature of professional basketball exhibitions”—in other words, a professional basketball team.

Although the U.S. Patent and Trademark Office initially denied both applications due to potential confusion with other existing trademarks, each has since received approval. LV NBA Newco will be able to formally register the trademarks once it proves commercial use, which as one example can be done through the sale of merchandise, intellectual property attorney Josh Gerben tells Front Office Sports.

In total, the group paid $2,200 in fees to apply for the two trademarks, its applications show. “For a business of that size, that’s very inexpensive,” Gerben says. Colangelo’s group claims to have already raised $8 billion for an expansion bid.

“It’s a Really Good Strategy Given the Cost”

The Jacks are not guaranteed to exist. The NBA Board of Governors in March voted to approve the league exploring bids for expansion franchises in Las Vegas and Seattle, but that doesn’t mean those expansion teams will definitely be launched. Meanwhile, the Jacks group faces competition from others interested in buying the potential Las Vegas franchise. Golden Knights owner Bill Foley has said he will pursue an expansion bid, as have former Disney CEO Bob Iger (alongside venture capitalist Josh Kushner), former Bucks owner Marc Lasry, and NBA legend Magic Johnson.

Still, Gerben says what the Jacks have done is “actually very good trademark strategy.”

“In today’s world, trying to name a pro sports team is a daunting task,” he tells FOS. “Look at what the Commanders went through to end up at that name, the trademark issues they had. The Cleveland Guardians had issues, too, because there was a roller derby club called the Guardians.”

Plus, by filing so early, the group has planted its flag for use of “LV Jacks” and the “Las Vegas Jacks,” meaning it can “prevent squatters” from trying to begin establishing any rights to those terms, Gerben says.

“It’s a really good strategy given the cost,” he tells FOS.

The attorney on the trademark filings for LV NBA Newco declined to comment, and representatives for Jerry Colangelo’s group did not immediately respond to requests for comment.

DEAL FLOW

Yankees’ Next Big Swing? A $3B Apollo Deal

Jul 10, 2026; Washington, District of Columbia, USA; New York Yankees first baseman Paul Goldschmidt (48) is congratulated by teammates after hitting a solo home run against the Washington Nationals during the eighth inning at Nationals Park.

Brad Mills-Imagn Images

The Yankees are in discussions with Apollo Global Management about a deal that could see the asset management giant inject almost $3 billion of financing into the team, Bloomberg reported. According to the report, the two sides are in “advanced talks” about an agreement that would be mostly debt but could also include some equity. Apollo, which launched a dedicated sports unit in September, is one of many investment firms that have recently stood up sports-specific divisions.
The parent company of David Beckham–founded supplement maker IM8 has received $1 billion in growth financing from a unit of investment firm General Catalyst. Under the deal, a General Catalyst fund will “finance up to 70% of IM8’s marketing spend,” while the company will retain discretion over how that money is spent. The deal includes no equity. Giannis Antetokounmpo took an equity stake in IM8 in April.
The new sports investment firm from former Lakers executives Joey and Jesse Buss is eyeing NBA Europe, The Athletic reported. Buss Sports Capital—which the brothers launched last September after their family sold a controlling stake in the Lakers to Mark Walter—is vying for potential NBA Europe teams in London and Manchester in England, plus Lyon, France, the report said. The brothers reportedly still own minority stakes in the Lakers, although in November they were fired from the front office roles they held.
Seidler Equity Partners is weighing a sale of its stake in baseball equipment maker Rawlings Sporting Goods, in a deal that could value the company at up to $2 billion, Bloomberg reported. Seidler, cofounded by the late former Padres owner Peter Seidler, is co-owned by Major League Baseball. Seidler reportedly owns a 75% stake in Rawlings, with MLB holding the remaining 25%.
USL Championship team Detroit City FC has received its “largest single investment” from family office Ronin Capital Partners, which is led by founder Jay Farner, who previously served as CEO of Rocket Mortgage’s parent company. The size of the investment was not disclosed. The money will be used to “fuel the construction” of a new stadium, among other purposes.

NOTES FROM WALL STREET

A World Cup Boost

REUTERS/Leonardo Benassatto

Telsey Advisory Group analysts expect “very good” second-quarter results from Adidas, which reports July 30, with World Cup–related sales driving underlying strength. Data showed Adidas stores saw an 8% increase in traffic in the U.S. during the second quarter, up from flat traffic a year ago. Analysts also said the brand’s merchandise sold well at big retailers like Dick’s Sporting Goods. Adidas is an official World Cup sponsor and made the official tournament ball, called the Trionda. Telsey attributes the improvement in the brand’s improved sell-through to Adidas’s expanded assortment of apparel and footwear specifically for the World Cup as well as heavy investments in marketing.
Jefferies upgraded the stock of Hoka parent Deckers to buy from hold and raised its price target to $130 from $110. Analysts said innovation in Hoka’s sneaker line is a key catalyst for growth. While the company has been over-reliant on its core Clifton and Bondi running shoe lines in recent years, “we believe the company is leaving sales on the table by limiting its assortment and this has allowed competition to catch up.” Going forward, Deckers is pushing more on its running models while also “expanding into more pure-play lifestyle shoes” that should spark consumer interest. Deckers could raise average prices by around 3% in fiscal year 2027—consistent with its past price increases for top-selling models—which could generate approximately $50 million of annualized incremental revenue, the analysts said.
Bernstein analyzed data across thousands of U.S. retailers to examine the growing divide within apparel and footwear spending. It found higher-income consumers spend 3.4 times more than low-income shoppers, with the top two quintiles driving 60% of total spend. Based on those trends, Bernstein favors more premium brands, including Swiss sportswear company On, for best long-term exposure to high-spending consumers.
Li-Ning, the second-largest Chinese sporting goods brand that recently announced a 10-year, $400 million endorsement deal with Steph Curry in June, reported a decline in second-quarter sales Wednesday. But BNP Paribas analysts said on the earnings call management noted that early demand for the Curry collaboration has been encouraging, with the Li-Ning x Steph Curry Collab Tee selling out. So far the Curry products are available only in China, but there’s a plan to distribute them more broadly. The Warriors star debuted his first signature golf shoe under Curry Brand’s new partnership with Li-Ning at the American Century Championship celebrity golf tournament last weekend, where he finished third.