Dallas Mavericks enter purchase agreements for new arena complex, leaving the American Airlines Center and Downtown Dallas

The Dallas Mavericks may have found its next home. The team announced Monday it is pursuing the former Valley View Mall site for a new arena and entertainment hub.  

The organization confirmed it has entered into option agreements for the potential purchase of approximately 104 acres at the former Valley View Mall site. 

"I like it. In the city. Easy access from the tollway and 635," Mark Cuban said in a statement to CBS News Texas. "[I'm] thinking will work out well."  

"The Valley View site meets most of the criteria established at the outset of our evaluation process," Gina Miller, the Chief Communications Officer for the Mavs, said in a statement." It is our goal to stay in the City of Dallas, and we believe this site provides the strongest opportunity to achieve that goal. We have the opportunity to create a vibrant mixed-use destination anchored by a state-of-the-art arena, along with restaurants, entertainment options, public green spaces and family-friendly experiences. Done thoughtfully and with community engagement, a project of this scale will serve as a meaningful economic catalyst for Dallas and its residents."

The team's lease at the American Airlines Center is set to expire in 2031, and while speculation has swirled about a potential relocation, Mavericks CEO Rick Welts made clear during a sports economic panel over the spring that the organization intends to remain in the city.

Welts said months ago that the team was focused on two potential sites, including the Dallas City Hall location and the former Valley View Mall in North Dallas.

In a joint statement, Dallas Mayor Eric Johnson and City Manager Kimberly Bizor Tolbert applauded the organization.

"The Dallas Mavericks' ownership has informed the City that it has signed an option agreement for 104 acres at the former Valley View Mall site for a potential new arena," the statement reads. "We applaud the Dallas Mavericks organization for its continued commitment to our city. We will continue working with the Dallas Mavericks throughout this process and will do everything we can to support the team's enduring partnership with Dallas."

District 12 Councilmember Cara Mendelsohn said she believes the timing of the announcement was intentional.

"I don't think the timing of this was by accident. I think it was on purpose," Mendelsohn said.

Some fans see the planned arena as an opportunity for growth and new development in North Dallas. Others say they are concerned about what the shift could mean for Victory Park and the area surrounding the AAC, which has undergone major redevelopment since the arena opened. 

The organization previously said that construction on the new arena is expected to take about 30 months, with a target opening by the end of 2031, aligning with the expiration of the team's current lease.  

Mavs win dispute over AAC

Last month, a Texas judge ruled in favor of the Dallas Mavericks in their lawsuit against the Dallas Stars, handing over control of the American Airlines Center to the Mavs.

Dallas Sports Group, the company that owns a controlling stake in the Mavs, sued the Stars in Texas Business Court last year, accusing the Stars of blocking needed upgrades to the aging arena and violating their lease agreement.

The Mavericks claimed that they wanted to spend millions of dollars to improve the facilities, but the Stars resisted. The Mavs then sued to kick the Stars out of their partnership.

While the American Airlines Center is owned by the city of Dallas, the teams shared ownership of a corporation that has a long-term lease to operate the arena. As part of the lease, both teams are required to maintain their corporate headquarters in the city of Dallas through 2031. The Mavericks also argued that the Stars had relocated their headquarters to Frisco.

The Stars' lease for the AAC ends in 2031, and the team is pushing to construct a new arena, exploring locations outside of Dallas. One contender is the current site of the Shops at Willow Bend in Plano.

For now, the Mavericks' announcement signals a long-term shift in planning for some of Dallas' biggest sports franchises, with questions remaining about what it could mean for the future of development around the AAC and beyond.