NBA unanimously approves Mark Cuban’s Dallas Mavericks sale
The NBA Board of Governors unanimously approved the multibillion-dollar sale of the Dallas Mavericks to a company involved in casino and entertainment in Las Vegas on Wednesday.
With a vote of 29 to 0, Mark Cuban, the minority owner of the Mavericks, sold his stake in the Las Vegas Sands Corporation, led by Miriam Adelson, Sivan, and Patrick Dumont.
This transaction comfortably cleared the three-fourths majority needed for an ownership transfer.
An anonymous source informed our colleagues at the Dallas Morning News that the transaction price, representing the franchise valuation, ranged between $3.8 billion and $3.9 billion.
The Adelson/Dumont family held 77% of the ownership stake, while Cubans retained the remaining 23% and managerial oversight of the Mavericks.
“We are excited to be able to return the kindness that the state of Texas has shown to our family,” Miriam Adleson said in a statement on Wednesday.
“I am thrilled to meet and support the team’s ardent supporters and to spend time with them.”
The nearly 24-year dominant ownership that Cubans have had since purchasing the Mavericks for $285 million in 2000 is ending with the team’s sale.
The legislature has traditionally rejected the expansion. Cuban offered his thoughts on the prospect.
Before talking to the media during Wednesday night’s Mavericks game against the Cleveland Cavaliers, Cuban took a few shots on the court. Cuban stated that the franchise could only go so far with his experience.
Yes, it’s a partnership. They are not fans of basketball. I’m not into real estate. I did it for that reason,” he said.
“We are in a better position to compete because of their ability to build and redevelop the arena or whatever comes next beyond that.”
Choppy RJ with a 105.3 The fan acknowledged that there are still a lot of unknowns but that the new owner’s influence on Las Vegas resorts and casinos cannot be disregarded. This lays the groundwork for future legislative approval of casino table games in Texas.
“Other teams, players, and free agents who desire to come here, as well as teams from abroad, are drawn to the new stadium that is attached to a casino,” Choppy remarked.
“I told you guys then that I wasn’t going to be the one to build it when I started talking about a casino and a destination resort two or three years ago,” he remarked.
Miriam Adelson, Sivan, and Patrick Dumont purchased the Dallas Mavericks after the board of directors unanimously authorized the deal, according to the NBA on Wednesday morning.
According to Marc Stein, the consortium will possess a 73% share in the Mavericks, with Mark Cuban, the previous majority owner, keeping a 27% minority stake in the franchise.
The Mavericks will have Dumont as their new team governor. Dumont is the president and chief executive officer of the Las Vegas Strip Sands Corporation. As of right now, Cuban will serve as an acting governor.
When news of the agreement to sell the bulk of the Mavericks’ shares surfaced in late November, it surprised many because of Cuba’s extensive involvement in the team’s daily operations since purchasing the team in 2000.
However, Cuban’s previous remarks about his plans for the Mavericks’ future clearly indicate that he made the transaction for financial gain.
Cuban expressly mentioned Las Vegas Sands as his partner in his plan to build the Mavericks’ new arena near the middle of a resort or casino in Dallas.
In December 2022, Cuban stated to the Dallas Morning News, “My goal, and we’d partner alongside Las Vegas Sands, is when they build a new arena that will be in the middle of a resort and casino.” “That’s the mission.”
Naturally, in order for Cubans’ aspirations to come true, Texas would need to allow gambling. However, Adelson and Dumont have completed the initial phase of integration.
Adelson’s $32.3 billion net worth places her behind Denver Broncos owner Rob Walton and Clippers owner Steve Ballmer as the third-richest person in all of American professional sports, and the Mavericks have seen a major infusion of cash as a result.