The NBA Board of Governors has unanimously approved the sale of the majority interest of the Dallas Mavericks to two families who head the Las Vegas Sands Corporation. Mark Cuban’s sale to the Adelson and Dumont families met little resistance from the members, easily garnering the three-fourths majority of votes needed to gain approval.
The sale price is at a franchise valuation between $3.8 billion and $3.9 billion, with the families acquiring 73% and Cuban keeping 23%. Cuban will have operational oversight of the team, but the Adelsons and Dumonts will have the final say over all business and basketball decisions. The sale is believed to be the largest cash transaction in NBA history with no debt service.
Dr. Miriam Adelson funded the purchase by selling $2 billion of Sands Corp. stock and using additional cash at hand. She expressed her excitement to spend time with the team and meet the passionate fan base.
The sale will be formalized in the next few days after sale documents are signed and the money is distributed to Cuban and four minority stakeholders, with the exception of Mary Stanton, who has decided to keep her 4% stake in the franchise.
Patrick Dumont, the president and COO of Sands Corp., will become the Mavericks’ governor. The Adelson-Dumont families are worth $33 billion, making them one of the most powerful franchises in professional sports.
The Sands Corporation’s background and expertise extend well beyond gaming, and they have extensive infrastructure in real estate development and the entertainment industry.
The focus will now shift to the Adelson-Dumont hopes of getting gambling legalized in Texas and the possibility of building an arena-casino-resort development. The Mavericks merger has been in the works for at least 13 months, and the families have the financial means to wait for gambling to be legalized in Texas.
Cuban’s reign as the majority owner and governor of the Mavericks comes to an end after nearly 23 years. This marks a new era for the Mavericks franchise, bringing with it a sense of mystery, intrigue, and possibility.