DALLAS — Editor's note: The video at the top of this article initially aired on Dec. 11, 2023.
The NBA Board of Governors voted to approve the sale of the Dallas Mavericks on Wednesday, according to a press release from the league's front office. The NBA said the transaction is expected to close this week.
Wednesday afternoon Mark Cuban told WFAA's Jonah Javad that the sale is "Done."
The vote steers the way for the completion of the transaction between longtime owner Mark Cuban to the Las Vegas-based casino magnate Miriam Adelson and her family. Cuban's intention to sell the Mavericks came to light in late November. The Board of Governors started the voting process on Dec. 20, 2023.
"The 29-0 BOG vote installs Sands Corp. COO Patrick Dumont as Mavericks governor with a 73% stake. Cuban shifts to alternate governor at 27%," NBA reporter Marc Stein said on X about the sale.
Adelson is the widow of the late, polarizing figure Sheldon Adelson, who founded the Las Vegas Sands Corporation upon purchasing that city's Sands Hotel and Casino for $110 million in 1988. She is among the richest women in the world.
The NBA requires all new franchise owners to go through a vetting process, which includes an interview with the league's advisory finance committee, and, once passed, earning the approval from a percentage of the NBA's governors in a vote. The final step in that process was completed on Wednesday.
Cuban bought the Mavericks in 2000 for $285 million. The valuation for the team today has been reported in the range of $3.5 billion, although the exact figure Adelson paid Cuban is unclear. On Wednesday, Stein reported that the expected valuation would be closer to $4 to $5 billion.
Though Cuban has sold a majority stake of the Mavericks to Adelson, he will "continue to retain operational control of the team," per reports.
In a statement provided the media, Miriam Adelson and her son-in-law Patrick Dumont -- the latter of whom will assume the role of governor for the franchise under its new ownership -- said that Wednesday's vote "finalized the acquisition of the controlling ownership interest in the Dallas Mavericks."
"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 the statement. "I am excited to spend time cheering on the team and getting to meet members of its passionate fan base. Everywhere we have a business presence, our top priority has been to empower our team members and engage with the local community in a meaningful way. I very much look forward to bringing that same commitment to Dallas and the greater DFW area."
"We are honored to be the new majority owners of the Dallas Mavericks and part of the NBA family," added Dumont, the president and chief operating officer of Las Vegas Sands, and also a member of its board of directors.. "We appreciate the faith the NBA and its Board of Governors have placed in us. Our family loves basketball, and we plan to display our passion for the sport by owning and investing in a world-class basketball organization that wins games and proudly represents its community."
Reached by email in the wake of the sale's news, Cuban explained to WFAA that selling his stake was a decision meant to help the sustainability of the Mavericks in a changing financial and media landscape.
"[It's] to put the Mavs in a better position to compete," Cuban told WFAA's Jonah Javad via email in regard to the sale. "Media has always been our biggest source of revenue. You know what is happening there. I think a new arena, real estate area and hopefully a future resort casino can replace what we lose in media, and fund current and future Mavs."
Cuban told WFAA that a major component in selling the Mavs was the state of broadcast media -- and its effect on professional sports revenues.
"Other than sports, numbers are falling fast," Cuban said via email. "And sports are doing OK because the best new shows go on streaming platforms. But it creates a catch-22 for sports. Lots of folks don't have cable or [satellite]. So they can't see our games unless it streams locally. So I've been worried about it for the last five years -- particularly since kids are getting more and more sports and news from social media."
One likely solution, he told us, could be in gambling. Hence his long-term support for legalizing casinos in Texas, and his long-stated desire to team up with the Adelsons' Las Vegas Sands Corp., specifically, to do so.
The groundwork for this seems to already be in motion... potentially. Or, at least, the tea leaves seem to suggest the intention.
Property records indicate that Adelson's casino company, Las Vegas Sands Corp., purchased around 100 acres of land near the old Texas Stadium site in Irving. The land is located at 2615 Spur 482, which is just northeast of the since-demolished home of the Dallas Cowboys.
Dallas Central Appraisal District records show the property switched hands in July, listing the new owner as Village Walk RE 2 LLC. The property went for $22.4 million.
State tax records show that Village Walk RE 2's mailing address is 5420 S. Durango Dr. in Las Vegas, which is also the mailing address for the Las Vegas Sands Corp, according to public data records.
Fort Worth state Rep. Charlie Geren, a Republican, filed a bill this year that would have given Texas voters the choice to decide on several elements, including sports betting and expanding casino gaming to a limited number of "destination resorts." But the bill was never approved.
Cuban told WFAA that he still thinks Texas will eventually pass resort casinos.
"I think if resort casinos pass, Dallas becomes a top five travel destination in the country," Cuban said. "Which is why I think, at some point, it will."
In their statement, the Adelson family said it anticipates working closely with Cuban in their plans for the Mavericks' future.
"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. "We are committed to the long-term success of the Mavericks and delivering a world-class hospitality experience for our fans, players, employees, sponsors and partners."
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