Mark Cuban, the owner of the Dallas Mavericks, has received approval from the NBA to sell the majority stake of the franchise to the families running the Las Vegas Sands casino corporation. The deal, valued at over $4 billion, involves the Adelson and Dumont families taking over control of the Mavericks.
Patrick Dumont, the president and chief operating officer of the Las Vegas Sands company, will be responsible for governing the club’s operations, while Mark Cuban is expected to maintain control of the basketball operations. The iconic club is not expected to leave Dallas, but the new ownership is looking to expand to a downtown location.
Cuban has revealed plans for a long-term partnership with Las Vegas Sands to develop a new arena in downtown Dallas, complete with hotel and casino facilities. However, gambling is not legal in Texas, and efforts to legalize it in the state have so far been unsuccessful. Miriam Adelson, who recently sold a $2 billion stake in Las Vegas Sands, has donated over $3 million to political institutions and lobbyists in an effort to bring gambling operations to Texas.
The Dallas Mavericks was one of the worst franchises in the 1990s but has since become a reputable institution under Mark Cuban’s ownership. Cuban’s passion and engagement, including bringing star player Dirk Nowitzki to the team, resulted in the 2011 NBA Championship title for Dallas. The increased value of the club over the years has led Cuban to the position of selling the controlling interest of the franchise to the families behind the Las Vegas Sands for $4 billion.
It is reported that the new owners may also benefit from Cuban’s involvement in the efforts to legalize casino gambling with the Texas Legislature in the future.
Overall, the deal marks a significant development for the Dallas Mavericks and could potentially lead to the establishment of a new arena and expanded facilities in downtown Dallas, pending the legalization of gambling in Texas.