The NBA approved the sale of a majority stake in the Dallas Mavericks on Wednesday, shifting ownership from Mark Cuban to the Adelson and Dumont families for approximately $3.5 billion.
The Adelson and Dumont families are the proprietors of the renowned Las Vegas Sands Corp. Miriam Adelson, widow of the late casino magnate Sheldon Adelson, and Sivan and Patrick Dumont have been expressing their intent to acquire the basketball team since last month.
"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," said the families in a statement.
“The goal is to win and to have a team that proudly represents the greater DFW area and serves as a strong and valuable member of the local community.”
Dumont, Adelson's son-in-law and the president and chief operating officer of Las Vegas Sands Corp., will now step into the role of Mavericks governor.
Meanwhile, Cuban still retains a 27 percent ownership stake in the club and is designated as the alternate governor. He is poised to keep control over the Mavericks' basketball operations.
Cuban asserted that he will have the final say in crucial matters like hiring and firing coaches, as well as signing free agents. The 65-year-old remained committed to competitiveness, saying that spending to maintain a competitive team would not be an issue under the new ownership led by Dumont.
"He basically said, 'Just do what you've got to do. I want to win,'" said Cuban.
Cuban also believes that the sale will improve the team's financial position, making revenue from media rights deals less of a concern for the Mavericks, as it is known that the company holding the regional sports network broadcasting Mavericks' games, Diamond Sports, has been undergoing bankruptcy proceedings this year.
"Financially, we're in a far better position this afternoon than we were yesterday afternoon to be able to compete like that," he said.
Dallas underwent a remarkable transformation from being one of the worst franchises in pro sports during the 1990s to becoming one of the best under the ownership of Cuban in 2000.
A significant part of this success story was also written with the help of star forward Dirk Nowitzki, now a proud member of the Basketball Hall of Fame and the former team leader who clinched the 2011 NBA championship.
Push for gambling legalization in Texas
Despite the new ownership's strong ties to Las Vegas, the Mavericks will remain rooted in Dallas. Cuban's long-term strategy aims to construct an arena in downtown Dallas, a project that includes a hotel and casino.
This strategic move prompted Cuban to divest his majority stake in families deeply connected to the hotel and casino industry.
"The advantage is what can you build and where and you need to have somebody who's really, really good at that," said Cuban on Wednesday.
"When you get a world-class partner who can come in and grow your revenue base and you're not dependent on things that you were in the past, that's a huge win."
While gambling is not currently legal in Texas, Miriam has openly advocated for bringing casino gambling to the Lone Star State. Her efforts included significant financial contributions, with over $2 million invested in a political action committee called Texas Sands last year, which reportedly have generously supported pro-gambling state legislators and lobbied extensively in the GOP-controlled Capitol.