Mark Cuban’s Sale of the Dallas Mavericks Was Just Approved by the NBA
Everything’s bigger—and more expensive—in Texas, it seems.
Mark Cuban has officially received approval to sell his stake in the Dallas Mavericks, valuing the team at more than $4 billion, ESPN reported on Wednesday. While the Shark Tank billionaire will still control the team’s basketball operations, Miriam Adelson and Sivan and Patrick Dumont will now be the majority owners.
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“Nothing’s really changed except my bank account,” Cuban told ESPN. “I feel really good. I think it’s a great partnership. It’s what the team needed on the court and off.”
The businessman bought the Mavs way back in 2000 for a mere $285 million, turning one of the worst teams in the NBA into a powerhouse that won it all in 2011. Now, though, Cuban thinks that Adelson and the Dumonts are better positioned to enrich the team and lead it to another championship win. In the long term, the trio plans to build a new arena in Dallas that would include a resort hotel and casino. (The families are behind the Las Vegas Sands casino company.)
While the $4 billion valuation is a rather eye-popping number, Cuban said that he could have unloaded his stake in the Mavs for even more. (He’s retaining a 27 percent share of the team and will serve as the alternate governor.) But he opted to partner with Adelson and the Dumonts because he thinks they’ll be able to boost the Mavs’ revenue base. Plus, they’re allowing him to have his say when it comes to the team’s operations.
“I could have gotten more money selling it to somebody else, even though obviously I’m really excited about everything,” Cuban said. “But this is a great partnership. I’ve known these guys for a long time. They’re great at the things I’m not good at.”
Adelson and the Dumonts aren’t the first casino operators to get into the Texas sports game. Tilman Fertitta, the owner of the Houston Rockets, is also behind Landry’s, which oversees the Golden Nugget chain of casinos. Notably, though, gambling isn’t yet legal in Texas. While Fertitta has pushed to bring casinos to the Lone Star State, Adelson will be a fresh voice in the fight.
Until that happens, though, she and the Dumonts will be placing all their bets on the Mavericks, in the hopes that they can bring an NBA title back to Dallas.
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