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Summary:
- Mark Cuban will sell his majority stake in the Dallas Mavericks
- Miriam Adelson and her son in law are set to acquire Cuban’s stake
- The Dallas Mavericks have a current valuation of $3.5 billion
There’s big news in the NBA with multiple news outlets confirming that Mark Cuban who is the majority stake owner in the Dallas Mavericks has agreed to sell his stake to Miriam Adelson and her son in law Patrick Dumont.
Miriam is the wife of late casino tycoon Sheldon Adelson who was the chairman of Las Vegas Sands Corp, once the biggest land based casino operator in the world.
Sheldon Adelson passed away in 2021 and his wife inherited nearly 56 percent of the company. Patrick Dumont is the Chief Operating Officer and President of Las Vegas Sands Corp.
Dallas Mavericks Estimated To Be Around $3.5 Billion
The Dallas Mavericks is estimated to be worth around $3.5 billion, making it the 5th most valuable franchise in the NBA with the Golden State Warriors topping the list with an evaluation of $7.7 billion.
Mark Cuban bought the Mavericks way back in 2000 for just $285 million and in the last 20 plus years has turned the franchise into one of the most popular teams in the NBA. Cuban is set to have a big payday as he disposes of his majority stake but is still expected to retain control of the team.
Miriam Adelson recently sold over $2 billion in Las Vegas Sands Corp shares and if she invests the entire amount in the purchase of the Mavericks, she would roughly own over 57 percent of the Mavericks. There is no information so far as to how much the Adelson and Dupont families are paying to acquire the Mavericks.
The two families released a statement which said
The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise. Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond.
Mavericks Could Play Inside Integrated Casino Resort
While sports betting and casinos are still illegal in Texas, Las Vegas Sands Corp and Mark Cuban have lobbied for passing new legislation that will make gambling and sports betting legal.
Cuban has said it would be great for the Mavericks to have a new stadium that is located inside an integrated casino resort which Las Vegas Sands Corp. would love to construct.
