Colangelo wants to bring NBA expansion team to Las Vegas

• The team would be called the Las Vegas Jacks.

What he's saying: "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," Colangelo said in a press statement.

By the numbers: The ownership group said it seeks to raise $12.5–13 billion, and already has $5 billion committed with another $3 billion "formally indicated."

Yes, but: Bill Foley, majority owner of the NHL's Las Vegas Golden Knights, announced last month that he's also putting together an ownership group to bring an NBA team to the city.

Flashback: Colangelo became the Suns' first general manager in 1968, and led a group of investors that purchased the franchise in 1987.

• He owned the Suns through some of their most successful years, including the team's 1993 trip to the NBA Finals.
• He also led the ownership group that created the Diamondbacks, overseeing the team during its 2001 World Series championship.
• He sold his stake in the Suns and Diamondbacks in 2004.