Majority stake in Mavericks sold for roughly $3.5B
NBA Approves Sale of Majority Stake of Mavericks
The NBA has approved the sale of the controlling interest in the Dallas Mavericks from Mark Cuban to the families that operate the Las Vegas Sands casino company.
The deal, valued at approximately $3.5 billion, was announced about a month ago by the families of Miriam Adelson and Sivan and Patrick Dumont.
Patrick Dumont, President and COO of the Las Vegas Sands company, and Adelson's son-in-law, will take on the role of Mavericks governor.
Cuban Expected to Maintain Control of Basketball Operations
While the ownership has changed, Mark Cuban is expected to retain control of the basketball operations for the Dallas Mavericks.
There are no plans for the team to leave Dallas, and Cuban has expressed interest in partnering with the Las Vegas Sands company to build an arena in downtown Dallas that would include a hotel and casino.
However, it's important to note that gambling is not legal in Texas, and efforts to legalize it have faced significant opposition.
Cuban's Role and Legacy
As the sale is finalized, it remains to be seen how it will impact Mark Cuban's position and visibility as the owner of the Dallas Mavericks.
Cuban, known for his outspoken nature, has been a highly visible owner since purchasing the team in 2000.
While he will likely continue to make basketball decisions, Cuban has recently announced his departure from the TV show 'Shark Tank' after its 16th season next year.
