weather icon Clear

NBA approves Dallas Mavericks sale to Adelsons

Updated December 27, 2023 - 7:25 pm

The sale of the Dallas Mavericks to the Adelson and Dumont families was approved Wednesday by the NBA Board of Governors.

The transaction is expected to close later this week, the NBA said in a news release.

The deal was unanimously approved by the board of governors, a person with knowledge of the situation told the Las Vegas Review-Journal. That easily met the threshold of 75 percent of the 30 NBA team owners needing to vote in favor of the deal.

Miriam Adelson, majority shareholder of Las Vegas Sands Corp., is acquiring an estimated 70 percent stake of the NBA team from billionaire Mark Cuban.

“The state of Texas has always been friendly to our family, and we look forward to being able to repay that kindness. I am excited to spend time cheering on the team and getting to meet members of its passionate fan base,” Adelson said in a statement. “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.”

In November, Adelson sold $2 billion in Sands stock to finance the acquisition of the NBA team. The Adelson family, not Sands, is investing in the team.

Patrick Dumont, Adelson’s son-in-law and Sands president and chief operating officer, will serve as the Mavs’ representative on the league’s board of governors.

“We are honored to be the new majority owners of the Dallas Mavericks and part of the NBA family,” Dumont said in a statement. “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.”

Cuban, who bought the team in 2000 from businessman and politician H. Ross Perot for $285 million, will still own 27 percent of the team and remain in charge of basketball operations.

The Adelson family said in a statement that it plans to carry over its philanthropic and environmental efforts in Las Vegas to the greater Dallas-Fort Worth area.

With Cuban remaining on board, Adelson and Dumont will look to bring the city another processional sports title.

“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 added. “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.”

The Review-Journal is owned by the Adelson Family, including Dr. Miriam Adelson, majority shareholder of Las Vegas Sands Corp., and Las Vegas Sands President and COO Patrick Dumont.

Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on X.

Don't miss the big stories. Like us on Facebook.