The Dallas Mavericks will still likely be known as Mark Cuban‘s team, and he will still own part of them and continue to be the off-court face of the franchise.
But his sale of the majority stake in the team to the Adelson and Dumont families has been approved by the NBA Board of Governors, per Marc Stein of The Stein Line.
Cuban will still retain 27 percent ownership of the Mavs and remain as alternate governor. Meanwhile, Sands Corp. Chief Operating Officer Patrick Dumont will take over as the Mavericks’ majority owner with a 73 percent stake, per Stein.
The NBA released a statement on the transaction, saying it is expected to be finalized this week.
Per Brad Townsend of the Dallas Morning News, sale documents still need to be signed and money still has to be paid to Cuban. The Mavs’ five minority stakeholders are being bought out in the deal, Townsend noted.
Cuban bought the Mavs in the year 2000 for an estimated $285 million — and is selling his stake for about $3.5 billion, per Shams Charania of The Athletic. He will maintain control of Dallas’ basketball operations.
“My goal, and we’d partner with Las Vegas Sands, is when we build a new arena it’ll be in the middle of a resort and casino,” Cuban said, via Townsend. “That’s the mission.”
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