Photo by Danny Fulgencio
The NBA Board of Governors approved the sale of the Dallas Mavericks to the Adelson family on Wednesday, Dec. 27.
Last month, the sale was announced and was expected to close at the end of the year. Mavericks governor Mark Cuban sold his majority share to the Las Vegas Sands Corporation led by Dr. Miriam Adelson and Sivan and Patrick Dumont. The family is widely known for their gaming, entertainment, and real estate influences.
“They’re not basketball people,” Cuban said in a statement. “I’m not real estate people. That’s why I did it.”
The deal was announced the morning before Wednesday’s game against the Cleveland Cavaliers, where Cuban confirmed the deal was not only approved but passed in a 29-0 vote.
Cuban will maintain control of operations while Adelson and Dumont control majority decisions. According to The Dallas Morning News, the final price tag on the deal was valued between $3.8 billion and $3.9 billion. The Adelson and Dumont families acquired 69%, and Cuban maintains his 27%.
“The state of Texas has always been friendly to our family, and we look forward to being able to repay that kindness,” Dr. Adelson said. “I am excited to spend time cheering on the team and getting to meet members of its passionate fan base.
This deal could mean a huge push to encourage legal gambling and casinos in Dallas, a conversation that Cuban has been having for two years. Before the deal, the Adelson families sold $2 billion of Sands Corp. stocks. The family business is a Fortune 500 company.
“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,” Mr. Dumont said in the press release. “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.”
Cuban has reigned as the governor of the Mavericks for 23 years. He bought the Mavericks for $285 million from Ross Perot Jr. in January 2000.
“The advantage is what can you build and where, and you need to have somebody who’s really, really good at that. Patrick and Miriam, they’re the best in the world at what they do. Literally, around the world,” Cuban said. “When you get a world-class partner who can come in and grow your revenue base and you’re not dependent on things that you were in the past, that’s a huge win. They’re good people. They’re committed to Dallas. They’re committed to winning. They’ve got great hearts. I’ve known them forever. It was a great partnership.”
The deal is set to officially close later this week.
