On April 23rd, the NBA announced it received an official application for league expansion. The application was submitted by a group of investors, with John Bitove and Slaight Communications, owning the lions share. (88%)
At the time of expansion, the franchise cost a record breaking $125 million. That now feels like chump change compared to the team’s most recent valuation of $1.4 billion.
Professional basketball’s expansion into Canada was a pivotal moment in league history. Technically, the Toronto Huskies played one season in 1946-1947, but for all intents and purposes, this marked the NBA’s first real effort to grow the game outside of the United States.