NEW YORK – The National Basketball Association (NBA) has approved Mark Cuban’s sale of a majority stake in the Dallas Mavericks to the family of Miriam Adelson, the controlling shareholder of Las Vegas Sands Corporation.
The US$3.5 billion (S$4.61 billion) deal won clearance on Dec 27 from the NBA’s board of governors and is expected to close this week, according to a statement. Cuban will keep a minority stake.
Patrick Dumont, president and chief operating officer of Las Vegas Sands, will serve as the Mavericks’ governor, the league added.
The approval puts Adelson, the widow of casino magnate Sheldon Adelson, and Las Vegas Sands a step closer to their goal of eventually building a casino and arena complex in Dallas.
The company has sought unsuccessfully for years to convince Texas to legalise casino gambling.
It specialises in large resorts that integrate hotels, casinos, convention space and entertainment, and operates major casinos in Singapore and Macau.
“The state of Texas has always been friendly to our family, and we look forward to being able to repay that kindness,” Adelson said in a statement. “I am excited to spend time cheering on the team and getting to meet members of their passionate fan base.”
An avid basketball fan, Cuban bought the Mavericks for US$285 million in 2000, and is a familiar presence at his courtside seat.
He is expected to maintain control of basketball operations despite the sale.
Cuban has also said he wants to see a new arena built for the Mavericks as part of a casino, providing the state of Texas legalises gambling.
“Nothing’s really changed except my bank account,” he said.
“I feel really good. I think it’s a great partnership. It’s what the team needed on the court and off.
“I’ll still be overseeing the basketball side of it, but having their (the Adelson family) ability to build and to redevelop the arena and whatever comes next beyond that just puts us in a much better position to compete.
“That’s all. That’s what it comes down to.”
Forbes valued the Mavericks at US$4.5 billion in October.
Their sale trails the US$4 billion Mat Ishbia paid for the Phoenix Suns earlier in 2023, the highest price ever paid for an NBA team, excluding minority interest sales. That deal also included the Women’s National Basketball Association’s Phoenix Mercury.
The past two years have seen record sums paid for sports teams, including US$6 billion for the Washington Commanders of the National Football League and US$5.4 billion for Chelsea football club. BLOOMBERG, AFP
