The Adelson family, under the direction of Miriam Adelson and son-in-law Patrick Dumont, has signed legally binding purchase agreements to acquire a majority ownership stake in the Dallas Mavericks. The family aims to close the transaction by year-end, pending customary closing conditions and approval from the NBA Board of Governors.
Mark Cuban, the current owner of the Mavericks since 2000, has not publicly commented on the sale. Reports suggest that Cubans would continue to oversee basketball operations for the team. The deal, valued at nearly $3.5 billion, includes a purchase agreement for majority ownership and the right for the Adelson and Dumont families to serve as the Governors of the Dallas Mavericks.
The Adelson family is well-known for its association with the Las Vegas Sands Corporation, and Miriam Adelson took over as the controlling shareholder after the death of her husband, Sheldon Adelson. The family expressed their honor at the opportunity to become stewards of the Dallas Mavericks, highlighting the team's success, legacy, and passionate fanbase.
The sale involves the Adelson family and Dumont families using the proceeds from a $2 billion stock sale to fund the purchase. The net proceeds, along with additional cash on hand, will be utilized for the acquisition. If the entire $2 billion is allocated to the purchase, Miriam Adelson could secure at least a 57% stake in the Mavericks based on the team's $3.5 billion valuation.
The transaction could take several weeks to complete, considering the NBA's vetting process for new owners and subsequent approval by the league's board of governors. Cuban's interest in partnering with the Adelson family was previously expressed, as he has been an advocate for legalizing gambling in Texas.
Significant accomplishments have occurred under Mark Cuban's ownership of the Mavericks, including the team's first NBA championship in 2011. Beyond the Mavericks, Cuban has made strides with the WNBA's Dallas Wings, fostering a closer relationship and implementing positive changes within the organization.
As the Adelson family prepares to take the helm of the Dallas Mavericks, the focus remains on building on the team's success, representing the DFW area, and contributing as a valuable member of the local community. The deal signifies a significant transition in ownership for the Mavericks, and the Adelson family is poised to play a key role in shaping the future of the franchise.
