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The NBA on Wednesday gave the greenlight to the transfer of the majority stake in the Dallas Mavericks from Mark Cuban to entities associated with the Las Vegas Sands casino company. The change in ownership comes less than a month after the Adelson and Dumont families publicly expressed their desire to acquire the basketball team. The transaction values the club at around $3.5 billion.
In this new structure, Patrick Dumont, who is Miriam Adelson’s son-in-law and also serves as the president and COO of Las Vegas Sands, will take on the role of Mavericks governor. Adelson, the widow of well-known casino tycoon Sheldon Adelson, is part of the buying group.
Mark Cuban, the outgoing principal owner, is set to keep his influence over basketball operations. Additionally, there are no current plans to relocate the Mavericks from Dallas.
Miriam Adelson expressed her enthusiasm for the venture. “The state of Texas has always been friendly to our family, and we look forward to being able to repay that kindness. I am excited to spend time cheering on the team and getting to meet members of its passionate fan base,” she said.
Patrick Dumont also shared his vision for the Mavericks’ future. “We look forward to working in partnership with Mark Cuban as stewards of this great franchise and bringing another NBA championship to the city of Dallas. We are committed to the long-term success of the Mavericks and delivering a world-class hospitality experience for our fans, players, employees, sponsors and partners,” Dumont stated.
Cuban’s plans for collaboration with Las Vegas Sands include potentially developing a new arena in downtown Dallas, which would integrate a hotel and casino. This plan aligns with Cuban’s long-term vision for the team.