It is now official. Mark Cuban, the owner of the Dallas Mavericks, has received the approval from the NBA to sell the majority stake of the popular franchise to the families running the Las Vegas Sands casino corporation. As reported, the Cuban’s assignment of title over the Mavericks to the Adelson and Dumont families is at valuation of more than $4 billion.
Investing LVS Stake Into Mavericks Deal:
As ESPN reports, the deal follows the recent announcement of the two families to purchase the club after Miriam Adelson had sold the $2 billion stake in Las Vegas Sands. Now that the NBA approved the acquisition, Patrick Dumont, president and chief operating officer of the Las Vegas Sands company, will govern the club operations while Mark Cuban is expected to maintain control of basketball operations. According to the source, the iconic club is not seen to be leaving Dallas with the takeover of the interest control but will rather be seeking to expand to a downtown location.
Downtown Dallas Development Awaiting Gambling Launch:
Cuban reportedly revealed that the long-term partnership with Las Vegas Sands is aimed at the development of a new arena in downtown Dallas that would include hotel and casino facilities. As gambling is not legal in Texas, Miriam Adelson has reportedly donated more than $3 million in 2022 in political institutions, state legislators, and lobbyists to bring gambling operations to the Lone Star State. But the Texas Legislature made no changes to the legislation in 2023. It seems that the partners to the Mavericks deal will have to employ further efforts to legalize gambling in the state to implement the development project for the club.
Mark Cuban’s Essential Role:
As reported by ESPN, the Dallas basketball club was one of the worst franchises in 1990s but has grown into a reputable institution ever since it was taken over by Mark Cuban. The approach of the eccentric former owner, famous for his passion and criticism, included the engagement of star player Dirk Nowitzki to bring the 2011 NBA Championship title to Dallas. The club value has accordingly followed the results over the years to bring Cuban to the position to sell the controlling interest of the franchise to the families behind the Las Vegas Sands for $4 billion. According to ESPN, the new owners might also benefit from a prospective Cuban’s inclusion in the casino gambling legalization efforts with the Texas Legislature in the years to come.
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