The multibillion-dollar sale of the Dallas Mavericks to a Las Vegas gaming and entertainment group was approved unanimously by the NBA Board of Governors on Wednesday.
The sale by Mavericks minority owner Mark Cuban to the Las Vegas Sands Corporation, headed by Miriam Adelson and Sivan and Patrick Dumont received a 29-0 vote, easily clearing the three-fourths majority required for an ownership sale.
A person familiar told our reporting partners at the Dallas Morning News the sale price was between $3.8 billion and $3.9 billion franchise valuation, with the Adelson/Dumont families controlling 69% and Cuban retaining 27% ownership and operational oversight of the Mavs.
“The state of Texas has always been friendly to our family, and we look forward to being able to repay that kindness,” Miriam Adleson said in a statement Wednesday. “I am excited to spend time cheering on the team and getting to meet members of its passionate fan base.”
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Dallas Mavericks sale
The sale of the team ends the nearly 24-year majority interest Cuban held since buying the Mavericks for $285 million in 2000.
Cuban hit the court and took a few shots before speaking to reporters at the Mavericks game against the Cleveland Cavaliers Wednesday night. Cuban said his experience could only take the franchise so far.
“It’s a partnership right. They’re not basketball people. I’m not real estate people. That’s why I did it,” he said. “Their ability to build and redevelop the arena and whatever comes next beyond that just puts us in a better position to compete.”
RJ Choppy with 105.3 The Fan says there are still many unknowns but said we can’t ignore the new owner’s role in Las Vegas casinos and resorts. If Texas lawmakers ever decide to allow casino table games, this sets the stage.
“If a new arena is connected inside of a casino, I mean that is a draw from other teams for other players, for free agents who want to come here, from visiting teams who want to come here,” Choppy said.
Historically, the legislature has been opposed to the expansion. Cuban weighed in on the possibility.
“It was two or three years ago that I started talking about a casino and a destination resort and I told you guys then that I wasn’t going to be the one to build it,” he said.
Ultimately, he says deeper revenue sources will only strengthen what he’s worked to build over the last 24-years.
Patrick Dumont said in a statement the new ownership group is “committed to the long-term success of the Mavericks.”
“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,” Dumont said.
