Mark Cuban’s sale of the majority stake of the Dallas Mavericks to the families of Miriam Adelson and Patrick Dumont was approved unanimously by the NBA’s Board of Governors, the NBA announced today. NBA insider Marc Stein was first to report the news.
Dumont will be the Mavericks new team Governor, ending Cuban’s majority control of the team since Cuban first purchased the Mavericks back in 2000. The transaction is expected to be completed by the end of the week.
All 29 NBA Governors approved the sale, paving the way for the new group from Las Vegas to control the team. The Adelson and Dumont families own the Las Vegas Sands Corporation, a casino and resort business. Cuban has been public about wanting the Mavericks next arena to be a casino and resort property, hoping to get gambling legalized in Texas. These new owners will pave the way for that vision, as the Mavericks lease at the American Airlines Center expires in 2031.
Cuban is sticking around with a 27 percent stake in the team, as the Adelson and Dumont families will soon own 73 percent. Cuban will be in charge of basketball operations going forward, although now that Cuban isn’t the sole owner of the team, his place with the organization isn’t iron clad. Having said that, it seems improbable that Cuban is going anywhere anytime soon, but the point is that decision for the first time since he’s been apart of the Mavericks is no longer in his control going forward. ESPN’s Tim MacMahon has said that language in the purchase agreement indicates that Cuban has basketball control for as long as he wants it, but we’ll see how that plays out down the road.
Although there’s been some speculation that the new ownership group could move the Mavericks to Vegas, that seems highly unlikely. Dallas-Fort Worth is a huge market, and the NBA has had intentions for an expansion team in Vegas for years, so no need to move an established franchise there. The Mavericks can’t get out of their lease with the AAC, so for the next eight or so years, the team isn’t going anywhere regardless. Reports are out there that the Vegas Sands Corp. owns land in Irving, near where the old Cowboys stadium was located and there is speculation that is where the new arena and resort will be built.
This is a monumental shift for the franchise and the repercussions won’t likely be finalized for some time. The Mavericks are now the third richest team in the NBA, which for a franchise that hasn’t paid the luxury tax much since 2011, is a big deal. As much as the Mavericks are acting like things are business as usual with Cuban in charge of the basketball operations, much is changing around the Dallas Mavericks. This is the beginning of a new era for the team.