Dallas Mavericks are set to undergo a change in ownership. Mark Cuban, the current majority owner of the NBA club, has entered into an agreement to sell his stake to the families behind the Las Vegas Sands casino resort company. The deal, valued at a staggering $3.5 billion, is awaiting approval from the NBA team owners to be finalized.
Casino Magnate Family Acquires Dallas Mavericks in $3.5B Deal
According to NBC Dallas-Fort Worth, Mark Cuban stands to receive the substantial sum of $3.5 billion from the sale. However, before the deal can be completed, it must pass the scrutiny of the NBA team owners. If all goes according to plan, the families of Miriam Adelson and Patrick Dumont, the president of Sands Corporation, hope to complete the purchase by the end of this year.
A joint statement released by the prospective new owners expressed their intentions and aspirations for the Dallas Mavericks. “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 statement revealed. They also indicated their target of closing the transaction by the end of the year, subject to customary closing conditions and the approval of the NBA Board of Governors.
Forbes magazine, renowned for its financial assessments, valued the Mavericks as the seventh most valuable team among the 30 NBA clubs, with an estimated worth of $4.5 billion. Comparatively, Mark Cuban’s net worth is estimated at around $6.2 billion.
Mark Cuban, a passionate basketball enthusiast who is often seen sitting courtside at Mavericks games, initially acquired a majority interest in the team back in January 2000 for a considerably lower sum of $285 million. As part of the new agreement, the 65-year-old American is expected to retain operational control of the club. However, he will no longer serve as the team’s governor for NBA-related matters.
The Dallas Mavericks have had a noteworthy history in the NBA. After a decade-long playoff drought, the team made a triumphant return to the postseason in 2001. They reached the NBA Finals in 2006, only to fall short against the Miami Heat. However, their perseverance paid off in 2011 when they clinched their first NBA championship by defeating the Miami Heat.
Despite the subsequent years being marked by playoff struggles, the Mavericks managed to break the pattern last year by advancing to the Western Conference finals, albeit falling to the Golden State Warriors.
As the Adelson and Dumont families prepare to take the helm of the Dallas Mavericks, the future of the franchise holds great promise. With their substantial investment and newfound ownership, the team’s fans eagerly await the upcoming season and the potential for further success on and off the court.
In conclusion, the sale of the Dallas Mavericks to the families associated with the Las Vegas Sands casino resort company represents a significant milestone in the NBA’s history.
Valued at an astonishing $3.5 billion, this deal signifies a new era for the Mavericks and their fans. As the transaction awaits approval from the NBA team owners, it is anticipated that the sale will be finalized by the end of the year, setting the stage for an exciting future for the team under new ownership.