The NBA Board of Governors approved Mark Cuban’s sale of his majority stake in the Dallas Mavericks to casino magnate Miriam Adelson and her family. Patrick Dumont, Adelson’s son-in-law and president and CEO of Las Vegas Sands Corp., will be the Mavericks’ governor. The transaction is expected to close this week, according to a league news release Wednesday.
This move should not have many repercussions on what the Mavs have experienced so far, as Cuban is expected to maintain control of the Mavericks’ basketball operations.
The Adelson family’s majority stake is valued at $3.5 billion. Forbes’ most recent NBA franchise valuations put the Mavericks at $4.5 billion, the seventh most valuable team in the league.
Forbes has also estimated Adelson, 78, as the fifth richest woman in the world, with a net worth of $32.3 billion. She is the widow of casino magnate Sheldon Adelson.
Adelson thus becomes the third woman to be the principal owner of an NBA franchise, joining Jeanie Buss of the Los Angeles Lakers and Gayle Benson of the New Orleans Pelicans.
Cuban, 65, has owned a majority stake in the Mavericks since January 2000, when he bought the team for $285 million.
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2023-12-28 11:37:28
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