The multibillion-dollar sale of the Dallas Mavericks to a Las Vegas gaming and entertainment group was approved unanimously by the NBA Board of Governors on Wednesday.
The sale by Mavericks minority owner Mark Cuban to the Las Vegas Sands Corporation, headed by Miriam Adelson and Sivan and Patrick Dumont received a 29-0 vote, easily clearing the three-fourths majority required for an ownership sale.
A person familiar told our reporting partners at the Dallas Morning News the sale price was between $3.8 billion and $3.9 billion franchise valuation, with the Adelson/Dumont families controlling 77% and Cuban retaining the remaining 23% and operational control of the Mavs.
“The state of Texas has always been friendly to our family, and we look forward to being able to repay that kindness,” Miriam Adleson said in a statement Wednesday. “I am excited to spend time cheering on the team and getting to meet members of its passionate fan base.”
The sale of the team ends the nearly 24-year majority interest Cuban held since buying the Mavericks for $285 million in 2000.
Patrick Dumont said in a statement the new ownership group is “committed to the long-term success of the Mavericks.”
“We look forward to working in partnership with Mark Cuban as stewards of this great franchise and bringing another NBA championship to the city of Dallas,” Dumont said.