On Wednesday, the NBA announced the approval of Mark Cuban's sale of controlling interest in the Dallas Mavericks to the families of Dr. Miriam Adelson and Patrick Dumont, as confirmed by its Board of Governors.
In this new arrangement, Patrick Dumont is set to replace Mark Cuban as the team governor for the Dallas Mavericks. Shams Charania of The Athletic and Stadium reported that Cuban, in this deal, was ceding majority control, with the valuation of the Mavericks estimated at around $3.5 billion. NBA insider Marc Stein later noted on December 11 that the valuation was anticipated to be in the " $4 billion range."
The final total of the deal, as reported by Brad Townsend of The Dallas Morning News on Wednesday, was between "$3.8 billion and $3.9 billion." Townsend emphasized the historic nature of the deal, stating that it is believed to be the largest cash transaction in NBA history, free from debt service. Miriam Adelson, the 78-year-old widow of casino magnate Sheldon Adelson, facilitated the purchase by selling $2 billion of Sands Corp. stock and utilizing additional cash on hand.
Shams Charania and Marc Stein both highlighted that Mark Cuban intended to retain control of the basketball operations for the Dallas Mavericks. Despite the partial sale, Cuban stands to make a substantial profit on his initial investment in the team, which he acquired for $285 million in 2000.
While staying on as a minority owner, Cuban envisions continued financial benefits, as discussed in a December 2022 interview with Brad Townsend. In that interview, Cuban hinted at both the ongoing sale and a bold vision for the Mavericks' future. He expressed plans for the organization to be situated in a new arena within a resort and casino, should Texas legalize sports gambling, with a partnership involving Las Vegas Sands, where Adelson is the largest shareholder, and Dumont serves as the chief operating officer.
