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Mark Cuban selling majority stake of Dallas Mavericks to Adelson family

Mavs sale means betting on building a casino in Dallas
Mavs sale means betting on building a casino in Dallas 06:47

DALLAS - Dallas Mavericks owner Mark Cuban is working on a deal to sell a majority stake of the team to Miriam Adelson and Patrick Dumont.

Who is buying the team?

Adelson is the controlling shareholder of Las Vegas Sands Corporation, which built the Venetian and Palazzo resorts. She took over after the death of the former CEO, her husband Sheldon. 

File: Billionaire And Casino Magnate Sheldon Adelson Dies At Age 87
FILE: Billionaire Sheldon Adelson, chairman and chief executive officer of Las Vegas Sands Corp., left, and his wife Miriam Adelson pose for a photograph on the red carpet prior to the opening ceremony of the Parisian Macao casino resort, operated by Sands China Ltd., a unit of Las Vegas Sands Corp., in Macau, China, on Tuesday, Sept. 13, 2016. Las Vegas Sands said Chairman and Chief Executive Officer Sheldon G. Adelson passed away last night at the age of 87 from complications related to treatment for non-Hodgkins Lymphoma. Photographer: Anthony Kwan/Bloomberg via Getty Images Bloomberg

Adelson and her son-in-law, Las Vegas Sands Corp. president and COO Patrick Dumont shared a statement with CBS News Texas regarding the Mavericks purchase Wednesday evening.

"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 families are targeting a closing of the transaction by year-end, subject to satisfaction of customary closing conditions and approval of the NBA Board of Governors.

"The Dallas Mavericks are one of the world's most successful and recognizable sports franchises. The team has won an NBA championship, has a long history of attracting international superstars and has been supported by a dedicated and passionate fanbase and leadership group led by Mark Cuban.

"The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise. 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.

"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.

"We believe that with this partnership and our commitment to the team, the community and the fans, the future is bright for the Dallas Mavericks."

The company revealed the sale of $2 billion in stock in a Securities and Exchange Commission filing that states: "We have been advised by the Selling Stockholders that they currently intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals."

If the entirety of the $2 billion goes towards this purchase, it would mean Adelson could get at least 57% of the Mavericks based on the $3.5 billion dollar valuation.

A closer look at Miriam Adelson 02:16

Cuban not commenting

Cuban has not spoken publicly on the sale, but reports say he would stay in charge of basketball operations.

He was at the American Airlines center Tuesday night, where the Mavericks were taking on the Houston Rockets. Cuban looked very focused on the game as he cheered on the team.

Houston Rockets v Dallas Mavericks
DALLAS, TEXAS - NOVEMBER 28: Dallas Mavericks owner Mark Cuban (C-L) reacts after a basket in the second half against the Houston Rockets during an NBA In-Season Tournament game at American Airlines Center on November 28, 2023 in Dallas, Texas. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. Tim Heitman / Getty Images

The near $3.5 billion dollar deal would take some time since the vetting process for new owners in the NBA typically takes several weeks, after which the league's board of governors would need to grant approval.

Almost a year ago, Cuban said he was interested in partnering with the Adelson family — as he's been a supporter of legalizing gambling in Texas, which the state legislature has not yet passed.

Cuban also said last year he wanted to build a new arena in downtown Dallas that would also be a casino resort.

Making history with the Mavericks

Cuban has been the owner of the mavericks since 2000. That's when he bought the team from Ross Perot Jr. for $285 million. At the time, the team wasn't winning a whole lot of games.

Cuban even admitted at the time that he didn't know anything about basketball.

Nonetheless, the team moved into the American Airlines Center in 2001 and with the help of Dirk Nowitizki, won its first NBA championship in 2011.

Mavs Return
Dallas Mavericks owner Mark Cuban, left, carries the NBA Championship trophy ahead of Dirk Nowitzki with the MVP trophy as they walk over to greet fans after the Mavericks returned to Dallas Love Field, Monday, June 13, 2011, after defeating the Miami Heat in Game 6 of the NBA Finals on Sunday. (Ron T. Ennis/Fort Worth Star-Telegram/Tribune News Service via Getty Images) Fort Worth Star-Telegram

Beyond the Mavericks, Cuban has made strides with the WNBA's Dallas Wings. He hired Dallas Mavericks CEO Cynt Marshall in the wake of the NBA club's scandal over a hostile workplace for women.

Cynthia Marshall At Black Enterprise Women Of Power Summit
LAS VEGAS, NEVADA - MARCH 01: Dallas Mavericks CEO Cynthia Marshall speaks at the Black Enterprise Women of Power Summit at The Mirage Hotel & Casino on March 1, 2019 in Las Vegas, Nevada. / Getty Images

Cuban said his team's relationship with the Wings was "minimal" before he hired Marshall five years ago. Now Marshall has season tickets to the Wings and is one of the catalysts for a landmark jersey patch partnership.

Dallas Wings v Las Vegas Aces - Game Two
LAS VEGAS, NEVADA - SEPTEMBER 26: Kalani Brown #21 of the Dallas Wings drives to the basket against A'ja Wilson #22 of the Las Vegas Aces in the second quarter of Game Two of the 2023 WNBA Playoffs semifinals at Michelob ULTRA Arena on September 26, 2023 in Las Vegas, Nevada. The Aces defeated the Wings 91-84. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. / Getty Images

Cuban recently shared that he'll be leaving "Shark Tank" after the entrepreneur series' 16th year.

ABC's "Shark Tank" - Season Ten
SHARK TANK - "1020" - First into the Tank is an entrepreneur from Redondo Beach, California, who pitches her high-tech product to discover hidden secrets about your cat. An entrepreneur from St. Louis, Missouri, presents his men's fashion accessory that will help every man look extra refined, and a former "Shark Tank" entrepreneur from Pleasantville, California, who was shredded by the Sharks during his first visit, returns to the Tank for his shot at redemption with his line of all-electric water sports equipment. Last into the Tank is an entrepreneur from Miami Gardens, Florida, who introduces his delicious, multipurpose dip on "Shark Tank," SUNDAY, APRIL 28 (10:01-11:00 p.m. EDT), on The Disney General Entertainment Content via Getty Images Television Network. (Eric McCandless/Disney General Entertainment Content via Getty Images) MARK CUBAN, DAYMOND JOHN Eric McCandless
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