(Photo credit: Kirby Lee-Imagn Images)

The NBA Board of Governors gave the league approval to begin exploring bids for potential expansion teams in Las Vegas and Seattle on Wednesday.

The bidding process is expected to generate offers in the $7 billion to $10 billion range for each franchise, ESPN reported.

'Today's vote reflects our Board's interest in exploring potential expansion to Las Vegas and Seattle -- two markets with a long history of support for NBA basketball,' said NBA commissioner Adam Silver. 'We look forward to taking this next step and engaging with interested parties.'

A proposal to begin the expansion talks required a positive vote from at least 23 of the NBA's 30 team governors. The league did not break down the final voting numbers from the ongoing meetings in New York.

Formal vetting of potential buyers is typically a months-long process involving detailed financial forensics. The NBA has hired investment bank PJT Partners as a strategic adviser 'to evaluate prospective markets, ownership groups, arena infrastructure, and the broader economic implications of expansion.'

Previous reports said the new teams could be ready to begin play by the 2028-29 season.

Seattle was home to the NBA's SuperSonics from 1967-68 through 2007-08, winning a championship in 1979. The franchise relocated and became the Oklahoma City Thunder, winning a second title last season.

NBA events have been held for years in Las Vegas, including the annual Summer League, but no NBA franchise has ever anchored in Nevada. The WNBA's Las Vegas Aces have called the city home since 2018 and have won three of the last four championships.

The league last expanded in 2004, and a realignment might be necessary to accommodate two new teams. A current Western Conference team -- Minnesota, Memphis and New Orleans are logical solutions -- could be placed in the East to make the transition to 32 teams work.

--Field Level Media