The NBA made a significant announcement on Wednesday, led by the Board of Governors, revealing they approved Mark Cuban’s sale of controlling interest in the Dallas Mavericks. The buyers, the families of Dr. Miriam Adelson and Patrick Dumont, are set to usher in a new era for the franchise.
In this transformative deal, Patrick Dumont is slated to take over as the Mavericks’ team governor, marking a pivotal shift in leadership. Shams Charania of The Athletic and Stadium reported the transaction’s valuation at approximately $3.5 billion, though subsequent reports by Marc Stein suggested it might land in the $4 billion range. The final figure, as reported by Brad Townsend of The Dallas Morning News, settled between $3.8 billion and $3.9 billion, solidifying it as a landmark deal and the largest cash transaction in NBA history.
Miriam Adelson, widow of casino magnate Sheldon Adelson, facilitated the purchase by selling $2 billion of Sands Corp. stock and using additional cash reserves. Notably, this sale was conducted without incurring any debt service. Cuban said he could have sold more money, but this was the partnership that made sense.
While relinquishing majority control, Mark Cuban remains committed to overseeing Dallas’ basketball operations. Despite the partial sale, the 65-year-old entrepreneur stands to make a substantial profit from his initial investment in the team, having purchased the Mavericks for $285 million in 2000.
Cuban Says It Was Time And Not Much Else Changes
Noting that he needed a partnership with people who were good at what he isn’t, Cuban said it was time to bring in real estate experts who can help tap into revenue that he wasn’t as adept at. Other than that, not a lot will change regarding his everyday involvement with the team. He will still be overseeing the basketball side of it because that’s what he loves to do, but having these partners and their ability to build and redevelop the arena and whatever comes next beyond that puts the team in a much better position to compete, Cuban noted.
Cuban’s strategic move involves retaining a minority ownership stake, allowing him to continue benefiting from the team’s success on a smaller scale. In a December 2022 interview, Cuban outlined a visionary future for the Mavericks, envisioning a new arena in the midst of a resort and casino, potentially in collaboration with Las Vegas Sands.
The approval of the sale marks a milestone in Cuban’s ownership journey, and he expressed excitement about the partnership with the Addison family, emphasizing their shared commitment to the Mavericks’ success.
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