Las Vegas investor and purported billionaire Jay Bloom says he expects to front $300 million to $500 million of his own capital, along with his strategic expertise, to persuade the NBA to plant an expansion team in the Nevada desert.
“I’m anticipating that I’m going to own whatever that represents,” he told the Las Vegas Review-Journal this week.
But one of the corporations under Bloom’s name, Spanish Heights Acquisition Company LLC, which also owns his only known residence, a roughly $7 million Spanish Hills estate, filed for Chapter 11 bankruptcy protection earlier this year.
That type of bankruptcy allows for corporate reorganization. Bloom called the February filing “a strategic restructure” and said, “We’re clearing out some legacy liens from the prior owner.”
