Mark Cuban is now officially the minority owner of the Dallas Mavericks.
Veteran NBA writer Marc Stein reported Wednesday that the NBA Board of Governors has approved Cuban’s sale of his majority stake in the Mavs by a 29-0 vote. The vote installs the Adelson and Dumont families of Las Vegas Sands Corp. as new majority owners of the team (with a 73 percent stake). Cuban will retain a 27 percent stake in the Mavs and the title of alternate governor, but Sands Corp. COO Patrick Dumont, son-in-law of Miriam Adelson, now becomes the team’s formal governor.
The 65-year-old Cuban, who had been the majority owner of the Mavs since 2000, agreed last month to sell his majority stake in the team at a $3.5 billion valuation. He will still retain control over the Mavs’ day-to-day basketball operations, though, as part of a very interesting deal.
The Adelson and Dumont families released a statement Wednesday in which they said they “look forward to working in partnership with Mark Cuban.”
Cuban’s decision to sell was a big surprise to many, especially since he is one of the most well-known owners in sports. But the decision comes as part of Cuban’s grand vision for the Mavs, which the partnership with the Adelson and Dumont families (of Vegas casino fame) will hopefully help to achieve.
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