NBA Greenlights Maverick Sale: Cuban Hands Over Control to Sands Corp
In a landmark decision, the NBA Board of Governors has given the green light for Mark Cuban to sell the majority stake of the Dallas Mavericks to the Las Vegas Sands Corporation. This significant move in the NBA landscape sees casino mogul Miriam Adelson and her family, including son-in-law and Las Vegas Sands Corp. president and CEO Patrick Dumont, taking the helm of the Mavericks franchise.
The transaction, which is expected to close this week, marks a pivotal change in ownership for the Mavericks, who have been under Cuban’s majority control since January 2000. Cuban, who purchased the team for $285 million, will still maintain a significant role, retaining control of the Mavericks’ basketball operations and owning a 27% stake in the team. This unique arrangement allows Cuban to continue influencing the team’s basketball trajectory, a domain he has passionately overseen for over two decades.
The sale values the majority stake of the Mavericks at around $3.5 billion, a substantial increase from Cuban’s initial investment. This valuation places the Mavericks among the top echelons of NBA franchises in terms of worth, reflecting the significant growth of the team and the NBA’s overall market appeal.
Miriam Adelson, the widow of casino magnate Sheldon Adelson, is not new to the world of high-stakes investments. With a personal wealth of $32.3 billion, Adelson is among the world’s wealthiest women. Her acquisition of the Mavericks makes her the third woman to be the principal owner of an NBA franchise, joining the ranks of Jeanie Buss of the Los Angeles Lakers and Gayle Benson of the New Orleans Pelicans.
For the Sands Corporation, this acquisition is more than just owning an NBA team; it’s part of a larger strategy. The company has been actively lobbying for the legalization of gambling in Texas, with plans to build a Las Vegas-style resort and casino near Dallas. Owning the Mavericks could potentially anchor this massive development, enhancing the Sands Corp’s influence in the region.
Fans of the Mavericks are unlikely to see immediate changes in the team’s day-to-day operations or its on-court focus. The commitment to building a winning team around star player Luka Doncic remains a priority. However, the long-term implications could include a potential move to a new arena outside of downtown Dallas, altering the Mavericks’ physical and cultural landscape.
This sale represents not only a significant financial transaction but also a shift in the dynamics of NBA team ownership, highlighting the ever-growing value of sports franchises in today’s market.
