Dallas Mavericks owner Mark Cuban is in the process of finalising a deal to sell his majority stake in the team to the families overseeing the renowned Las Vegas Sands casino resort company. According to NBC Dallas-Fort Worth's report on Wednesday, Cuban stands to gain a substantial $3.5 billion from this transaction, pending approval from fellow NBA team owners.
The potential new owners, identified as the families of Miriam Adelson and Patrick Dumont (president of Sands Corporation), issued a statement on Wednesday expressing their intent to conclude the purchase by the year's end, contingent upon customary closing conditions and approval from the NBA Board of Governors. Forbes magazine, in a recent valuation, ranked the Mavericks as the seventh most valuable NBA franchise, estimating their worth at $4.5 billion. In contrast, Cuban's personal wealth is approximated at around $6.2 billion.
Cuban, a fervent basketball enthusiast frequently seen courtside during Mavericks games, acquired a majority interest in the team back in January 2000 for $285 million. Although reports suggest that the 65-year-old entrepreneur will maintain operational control of the club, he will relinquish the role of the team's governor for NBA purposes.
The Mavericks, under Cuban's ownership, experienced a resurgence, making the playoffs in 2001, reaching the NBA Finals in 2006, and clinching their first NBA title in 2011. While the team faced a playoff drought until last year's Western Conference final, the families emphasised the Mavericks' international appeal and dedicated fan base in their statement.
Miriam Adelson, the widow of casino magnate Sheldon Adelson and a prominent Sands Corporation shareholder, is set to play a pivotal role in the potential ownership transition. Cuban has previously expressed his desire for a new arena for the Mavericks, preferably integrated with a casino, contingent on the legalisation of gambling in Texas.
As the Mavericks currently stand at third place in the NBA Western Conference this season with an 11-6 record, the families' statement underscores their commitment to building on the team's success and legacy in Dallas. Slovenian star Luka Doncic, ranking third in NBA scoring with an impressive 31.1 points per game, adds further excitement to the prospects of the team under new ownership. The families express their optimism for a bright future for the Dallas Mavericks through their partnership with Mark Cuban and their dedication to the team, the community, and the fans.