The NBA Board of Governors has confirmed the sale of a controlling interest in the Dallas Mavericks to the families of Dr. Miriam Adelson and Sivan and Patrick Dumont. Adelson, the widow of Las Vegas Sands (NYSE: LVS) founder Sheldon Adelson, and Dumont, her son-in-law, are set to take control of 73% of the NBA franchise, while Mark Cuban will retain a 27% interest in the team and continue as head of basketball operations. The deal was confirmed by the NBA board, and the new owners expressed their commitment to building on the team’s success and legacy in Dallas.
The initial announcement of the sale led to speculation about the team potentially moving to Las Vegas, a city widely believed to be a prime location for an NBA franchise if the league expands. However, Cuban has denied these rumors, affirming that the Mavericks will remain in Dallas. There were also rumors about the possibility of partnering with an investment company to bring a new Las Vegas Strip integrated resort and an NBA team to Sin City, as well as the potential for a casino hotel in the Dallas area.
Sands’ acquisition of 108 acres of land near Texas Stadium in Irving, Texas further fueled speculation about the potential for a Sands-operated gaming venue in the future. However, any efforts to establish casino gaming in Texas would require a constitutional amendment and voter approval, which is not expected to happen before 2025.
Cuban also mentioned the possibility of a Venetian-esque casino hotel in Dallas as a means of attracting more tourists to the region. He expressed his satisfaction with the deal, stating that despite the opportunity to fetch a higher price for the Mavericks, his longstanding relationship with the Adelsons and their real estate expertise made them desirable partners. Additionally, Dumont has given Cuban the freedom to take the necessary steps to turn the team into a legitimate championship contender.