Jerry Colangelo’s group, which revealed its bid for an NBA expansion team named the Las Vegas Jacks on July 8, 2026, has actually been working on the project for over a year. Trademark filings from May and June 2025 show a corporate entity called LV NBA Newco LLC secured the rights to "LV Jacks" and "Las Vegas Jacks," covering the use of the names in apparel and professional basketball exhibitions. Though the trademark applications don’t explicitly name Colangelo’s group, connections exist through an address linked to Scott Colangelo, a managing partner at Prime Capital Financial and a member of the ownership group.

Despite enthusiasm from the group, the name “Las Vegas Jacks” has sparked criticism due to its association with gambling and the WNBA's Las Vegas Aces. Social media reactions and media outlets like Barstool Sports have openly questioned the appeal of the name. The ownership consortium includes notable figures such as Horizon Sports CEO David Levy, ESPN analyst Jay Williams, and former NBA coach Vinny Del Negro. They claim to have raised $8 billion to back their expansion bid, though the NBA has not officially confirmed the launching of a franchise in Las Vegas.

The NBA's Board of Governors approved exploring expansion opportunities in Las Vegas and Seattle in March, but no guarantees exist that either market will receive a team. Colangelo’s group also faces stiff competition for a potential Las Vegas franchise from other high-profile parties, including Golden Knights owner Bill Foley, former Disney CEO Bob Iger, venture capitalist Josh Kushner, former Bucks owner Marc Lasry, and NBA legend Magic Johnson. This competition underscores the high stakes and broad interest in expanding the league.

Trademark attorney Josh Gerben praised the early move to secure the "Jacks" trademarks as a smart and relatively low-cost strategy in the complex world of sports branding, where conflicts and lawsuits over team names are common. By filing well ahead of public announcements, the group has positioned itself to block others from claiming the name and can eventually register the marks once they demonstrate commercial use. While the group declined comment, the trademarks show a serious and prepared effort by Colangelo’s team to secure a foothold in the NBA's future expansion.