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Dallas Mavericks owner Mark Cuban’s plan to sell a majority stake in his NBA franchise to the Adelson family has been confirmed.
The Adelson and Dumont families have “binding purchase agreements” to become the majority owner and “the right to serve as Governor of the Dallas Mavericks,” the families of the Las Vegas Sands casino said in a statement on Wednesday. The families “are targeting” to complete the sale and get approval from the NBA Board of Governors by the end of 2023, they added in the statement.
“The Dallas Mavericks is one of the world’s most successful and recognizable sports franchises,” the Adelson and Dumont families said in the statement. “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 agreement would be in the valuation range of $3.5 billion and take weeks for the league to process, according to the person, who spoke to The Associated Press on condition of anonymity because details weren’t being made public.
Cuban would retain control of basketball operations in the deal. He has been one of the NBA’s more active owners in that sphere since buying the franchise in 2000.
“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,” the Adelson and Dumont families continued in their statement.
“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 family of Miriam Adelson, widow of casino magnate Sheldon Adelson, announced earlier Tuesday it was selling $2 billion of her shares to buy an unspecified professional sports team.
Cuban said almost a year ago he was interested in partnering with the Sands. He has been a proponent of legalizing gambling in Texas, an issue that didn’t make it out of the state Legislature in a biennial session that ended earlier this year.
The 65-year-old Cuban, who just announced he was leaving the popular business TV program “Shark Tank” after a 16th season next year, rose to fame quickly after buying the Mavericks in 2000.
Dallas was one of the worst franchises in pro sports in the 1990s, but turned into one of the best under Cuban, with a lot of help from star forward Dirk Nowitzki.
Under Cuban and with Nowitzki as the face of the franchise, the Mavericks enjoyed the most successful on-court stretch in their history in the 2000s. Nowitzki became a first-ballot Hall of Famer and led Dallas to its first and only NBA title in 2011. The team has declined over the past decade but remains a contender in the Western Conference thanks to current star Luka Doncic.
The Mavericks are currently worth $4.5 billion, according to Forbes magazine.
Miriam Adelson has a current net worth of $32.3 billion, per Forbes.
The Associated Press contributed to this story.
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