The Dallas Mavericks, one of the most successful and well-known sports franchises in the world, are set to have a new majority owner. The Adelson family, known for their involvement in one of the largest casino empires globally, has reached a deal to purchase a majority stake in the NBA team from billionaire Mark Cuban.
The Adelson family, led by Miriam Adelson and including her daughter and son-in-law Sivan and Patrick Dumont, have entered into a binding purchase agreement to take over majority ownership of the Mavericks. This deal, expected to be finalized by the end of the year pending approval from the NBA Board of Governors, will give control of the team to the Adelson family.
Dr. Miriam Adelson, the widow of Sheldon Adelson and the majority shareholder of Las Vegas Sands, has an estimated fortune of $33 billion. The Adelson and Dumont families stated, “We look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond.” The statement also highlighted the Mavericks’ achievements, including winning an NBA championship and their history of attracting international superstars.
While the terms of the deal were not disclosed, reports indicate that the Mavericks are valued at around $3.5 billion. However, the statement assures that Mark Cuban will maintain a significant role within the franchise even after the sale is complete. He will retain partial ownership and remain in control of basketball operations.
This announcement aligns with Las Vegas Sands Corp.’s recent statement to the Securities and Exchange Commission, revealing their intention to sell $2 billion of Sands stock to finance the majority ownership in a professional sports franchise. Las Vegas Sands Corp., which owns several casinos in Macao and Singapore, used to own The Venetian on the Las Vegas Strip.
The news of this ownership change comes at a time when Mark Cuban had already shared his decision to step down from the entrepreneur TV series “Shark Tank” after the upcoming season. With this new development, Cuban’s commitment to the Mavericks remains strong, ensuring a smooth transition of ownership and the continued success of the Dallas Mavericks both on and off the court.
This story has been updated with additional developments. (At least 543 words)
