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Mark Cuban selling majority stake in the Dallas Mavericks; will retain control of team

Mark Cuban selling majority stake in the Dallas Mavericks; will retain control of team

Mark Cuban selling majority stake in the Dallas Mavericks; will retain control of team

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Mark Cuban at the Beverly Hilton Hotel on August 6^ 2017 in Beverly Hills^ CA

Officials confirmed on Wednesday that Dallas Mavericks owner Mark Cuban agreed to sell a majority of his NBA club to the family of Dr. Miriam Adelson, widow of the late GOP donor and majority shareholder in Las Vegas Sands, Sheldon Adelson. Patrick Dumont, Miriam Adelson’s son-in-law, now serves as the president and chief operating officer of the family’s Las Vegas Sands company, one of the world’s most well known hotel and gaming companies. Miriam Adelson has a fortune estimated at $33 billion by Bloomberg.

According a statement released by the NBA on behalf of the prospective new owners: “The Adelson and Dumont families have entered into binding purchase agreements to acquire majority ownership and the right to serve as Governor of the Dallas Mavericks.”  The Adelson and Dumont families said in the statement: “The Dallas Mavericks are one of the world’s most successful and recognizable sports franchises. The team has won an NBA championship, has a long history of attracting international superstars and has been supported by a dedicated and passionate fanbase and leadership group led by Mark Cuban…We look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond.”

The statement indicates Cuban will maintain a significant role with the NBA franchise, and will keep partial ownership of the Mavericks franchise, remaining in control of basketball operations. The prospective new owners would be in control of the NBA’s seventh most valuable franchise, which is worth about $4.5 billion.

Miriam Adelson’s husband, Sheldon Adelson died in 2021 at 87.  Meanwhile, Cuban recently revealed that he would be leaving the ABC TV series “Shark Tank” after the show’s next season.

Editorial credit: Kathy Hutchins / Shutterstock.com

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