Mark Cuban sees a future of NBA ownership where the advantages will be in real estate.
The high-profile billionaire says that’s why he sold his majority stake in the Dallas Mavericks to a pair of families with strong ties to the hotel and casino industry.
The NBA on Wednesday approved Cuban’s sale of a controlling interest in the Mavericks to the Adelson and Dumont families, who run Las Vegas Sands Corp.
The deal was approved just shy of a month since Miriam Adelson and Sivan and Patrick Dumont announced their intention to buy the club. The purchase is in the valuation range of $3.5 billion US.
Patrick Dumont, Adelson’s son-in-law and president and chief operating officer of Las Vegas Sands, will serve as Mavericks governor. Adelson is the widow of casino magnate Sheldon Adelson.
Cuban will be the alternate governor with a 27% stake in the club and will maintain control of basketball operations. He made it clear there were no plans for the franchise to leave Dallas.
“The advantage is what can you build and where and you need to have somebody who’s really, really good at that,” Cuban said before the Mavs’ game against Cleveland on Wednesday night. “Patrick and Miriam, they’re the best in the world at what they do. Literally, around the world.
Miriam Adelson is the controlling shareholder of Las Vegas Sands Corp., a publicly traded Las Vegas company that built the Venetian and Palazzo resorts but now only has casino operations in Macau and Singapore. Sheldon Adelson, the founder of Las Vegas Sands, died in 2021 at age 87.
“Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond,” the Adelson and Dumont families said in a statement. “The goal is to win and to have a team that proudly represents the greater DFW area and serves as a strong and valuable member of the local community.”
Cuban said when he bought the Mavericks in 2000, he had the advantage of understanding technology. He became a billionaire when the radio internet streaming company he co-founded was bought by Yahoo.
Now, the future of media rights deals is in question. Diamond Sports, the company that owns the regional sports network that carries the Mavericks, is in bankruptcy proceedings.
Cuban said the sale makes…
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