NBA Board of Governors Approves Mavericks Sale from Cuban to Adelson, Dumont Families
Joseph Zucker@@JosephZucker
Featured Columnist IVDecember 27, 2023
The NBA announced Wednesday that its Board of Governors approved Mark Cuban's sale of controlling interest in the Dallas Mavericks to the families of Dr. Miriam Adelson and Patrick Dumont.
Under the new structure, Dumont will replace Cuban as the Mavericks' team governor.
Shams Charania of The Athletic and Stadium reported that Cuban was relinquishing majority control in a deal that valued the Mavericks at around $3.5 billion. NBA insider Marc Stein followed up on Dec. 11 to report the valuation "is expected to land in the $4 billion range."
The Dallas Morning News' Brad Townsend reported Wednesday the final total was "between $3.8 billion and $3.9 billion."
"It's a landmark deal because it's believed to be the largest cash transaction in NBA history, with no debt service," Townsend added. "Miriam Adelson, the 78-year-old widow of casino magnate Sheldon Adelson, funded the purchase by selling $2 billion of Sands Corp. stock and using additional cash at hand."
Both Charania and Stein said Cuban planned to retain control of Dallas' basketball operations.
Even with a partial sale of the Mavericks, the 65-year-old is in line to earn a massive profit on his initial investment in the team. He purchased the Mavs for $285 million in 2000.
By continuing to stay on as a minority owner, Cuban can continue to cash in on a smaller scale, and a December 2022 interview with Townsend foreshadowed both the ongoing sale and a dramatic vision of the Mavericks' future in which Cuban would benefit.
In the event the state of Texas legalized sports gambling, he told Townsend the "mission" would be housing the organization at a new arena "in the middle of a resort and casino." He said the Mavericks would then "partner with Las Vegas Sands," the organization in which Adelson is the largest shareholder and Dumont is the chief operating officer.
Cuban has already achieved part of that process by formally welcoming Adelson and Dumont into the Mavericks' ownership group.