NBA approves Mavericks' multibillion-dollar sale
Cuban bought the team for $285 million in 2000
The NBA on Wednesday approved the Dallas Mavericks’ sale to the Adelson and Dumont families.
The league said the transaction is expected to close later in the week.
Entrepreneur Mark Cuban, center, poses with Dr. Miriam Adelson and Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson during the Adelson Educational Campus' 13th annual In Pursuit of Excellence Gala at The Venetian hotel-casino in Las Vegas on Ma (Chase Stevens/Las Vegas Review-Journal/Tribune News Service via Getty Images / Getty Images)
"The NBA Board of Governors has approved the sale of the controlling interest in the Dallas Mavericks from Mark Cuban to the families of Dr. Miriam Adelson and Sivan and Patrick Dumont," the NBA said in a statement.
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"Mr. Dumont, president and chief operating officer of Las Vegas Sands Corp., will serve as the Mavericks’ governor."
Reports indicated last month that Mavericks team owner Mark Cuban would sell a majority stake in the team with the intention of running the basketball side of the business.
Mark Cuban attends a game between the Los Angeles Clippers and the Dallas Mavericks at Crypto.com Arena in Los Angeles on Nov. 25. (Allen Berezovsky/Getty Images / Getty Images)
Adelson said in a Las Vegas Sands filing in November she would sell $2 billion in stock to buy a majority stake in a sports franchise. But no franchise was named in the filing despite it saying there was a "binding purchase agreement."
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Soon after, Sportico reported that Cuban was going to sell to Adelson. The Athletic reported the deal would be worth around $3.5 billion and that Cuban would keep shares in the team and run basketball operations.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LVS | LAS VEGAS SANDS CORP. | 42.55 | +0.24 | +0.57% |
Cuban bought the team in 2000 for $285 million from Ross Perot’s group. According to Forbes, the team is now valued at around $4.5 billion. Mat Ishbia bought the Phoenix Suns and the WNBA’s Phoenix Mercury from Robert Sarver for $4 billion in December 2022. That deal was approved in February.
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Dr. Miriam Adelson and Sheldon Adelson attend Friends of The Israel Defense Forces (FIDF) Western Region Gala at The Beverly Hilton Hotel in Beverly Hills, California, on Nov. 1, 2018. (Shahar Azran/Getty Images / Getty Images)
Adelson, 78, owns around 400 million shares of Sands worth $19 billion.