LOS ANGELES – Dallas Mavericks owner Mark Cuban has entered an agreement to sell his majority stake in the National Basketball Association (NBA) franchise to the families who run the Las Vegas Sands casino resort company.
NBC 5 Dallas-Fort Worth reported on Nov 29 that Cuban said he would receive US$3.5 billion (S$4.7 billion) in the deal, which must be approved by NBA team owners to be completed.
A statement on the same day from the prospective new owners, the families of Miriam Adelson and her son-in-law Patrick Dumont – president of Las Vegas Sands Corporation, said they hope to complete the purchase by the end of 2023.
“The Adelson and Dumont families have entered into binding purchase agreements to acquire majority ownership and the right to serve as governor of the Dallas Mavericks,” the statement said.
“The families are targeting a closing of the transaction by year-end, subject to satisfaction of customary closing conditions and approval of the NBA board of governors.”
Forbes magazine in October valued the Mavericks seventh of 30 NBA clubs at US$4.5 billion. Forbes says Cuban is worth about US$6.2 billion.
Cuban, a passionate basketball fan who often sits courtside at Mavericks games, bought a majority interest in the team in January 2000 for US$285 million. The 65-year-old American reportedly would remain in operational control of the club but not serve as the team’s governor for NBA purposes.
After missing the play-offs for a decade, the Mavericks made it back in 2001, lost in the NBA Finals to Miami in 2006 and captured their first NBA title in 2011 by beating the Heat.
They had not won another play-off series until 2022, when they advanced to the Western Conference Finals, before falling to Golden State.
“The Dallas Mavericks are one of the world’s most successful and recognisable sports franchises,” the families’ statement added.
“The team have won an NBA championship, have a long history of attracting international superstars and have been supported by a dedicated and passionate fan base and leadership group led by Mark Cuban.
“The Adelson and Dumont families are honoured to have the opportunity to be stewards of this great franchise.”
Adelson, the widow of casino magnate Sheldon Adelson, is the top shareholder in the Sands corporation, which operates major casinos in Singapore and Macau.
Cuban has said that he wants to see a new arena built for the Mavericks as part of a casino, provided the state of Texas legalises gambling.
The Mavs are third in the NBA Western Conference this season with a 11-6 record. AFP
