The NBA Board of Governors voted on Wednesday to authorize the league to explore potential expansion teams for Las Vegas and Seattle that would bring the league to 32 clubs.

The move is the first step in a lengthy process that could see new teams in Seattle, where the SuperSonics once played, and Las Vegas, which each year hosts NBA Summer League games involving young players.

"Our goal was in 2026 to resolve this issue one way or another," NBA commissioner Adam Silver said. "We need to know by the end of this calendar year what it is that we're doing."

It's a multi-year process, Silver stressed, that could result in one or two new NBA clubs or none at all.

"At the earliest we would have new teams coming into the league in the '28-'29 season," Silver said.

"If we do move forward, I don't think there's going to be any concern about the quality of the competition."

The NBA engaged investment bank PJT Partners as a strategic adviser to evaluate markets, ownership groups, arena infrastructure and economic implications of two new teams.

"We look forward to taking this next step and engaging with interested parties," Silver said.

It would take approval by 23 of the NBA's 30 governors to pass any motion on adding new teams.

"There was a discussion about dilution economically and dilution talent-wise," Silver said. "It's my view we have ample talent to fill 32 competitive teams."

Team values have skyrocketed in recent years with the price tag for a new club expected to be around $7 billion to $10 billion.

"I'm not going to speculate on prices," Silver said. "The market will determine the value of these teams and we'll decide whether or not to move forward. I expect there will be robust interest in these teams.

"We did not discuss franchise value per se in these meetings. We have a sense of where we think that value exists."

The Phoenix Suns were sold in 2022 for $4 billion. The Boston Celtics were sold last year for $6.1 billion and the Los Angeles Lakers were sold last year for $10 billion -- the highest-ever price paid for a US sports team.

Silver said there were no "concerns" by team owners about selling league equity.

"There weren't concerns," Silver said. "There are some owners who felt we just frankly don't need to expand. They felt we're in a very solid place with the 30-team league we have now.

"I wouldn't put that in the category of concern. It more went in the category of considerations."

The NBA last expanded to Charlotte in 2004.

"There's absolutely a chance that expansion will not happen. That's why we said we're exploring markets," Silver said. "Where the uncertainly lies is in instability outside the league."

Silver said that unlike past expansions open to many markets, the league was focused on Seattle and Las Vegas.

"There are some other great markets that could host NBA franchises. This time around, the focus was on these two markets," Silver said, calling them "unique" in supporting the league.

Sporting hotbeds

Should Seattle and Las Vegas land expansion teams, either Memphis or Minnesota would likely shift from the Western Conference to the Eastern Conference to give each 16 clubs.

The Seattle SuperSonics joined the NBA in 1967 and won the city's only NBA title in 1979 before moving to Oklahoma City in 2008 and winning last year's NBA crown.

Las Vegas hosts many sporting events, including a Formula One race and USA Basketball training camps.

Both cities landed successful NHL expansion teams in the past decade. Each has an NFL team and both will have MLB clubs when a new Vegas stadium opens for the former Oakland Athletics in 2028.