Dethroning Mark Cuban as Mavericks Governor, $33 Billion Worth Adelson-Dumont Set to Become 3rd Wealthiest Sports Owner After NBA’s Approval

Billionaire investor Mark Cuban is all ready to say goodbye to the Dallas Mavericks. He’s looking to sell his majority stake to Miriam Adelson, and her family as per sources from CNBC. Miriam, 78, is a casino magnate, who is also the fifth richest woman in the world. She inherited the title after her husband, Sheldon Adelson, passed away in 2021.

Adelson is reportedly selling her $2 billion Las Vegas Sands stocks, which account to be 10% of her total stake. The proceeds will be used for buying Mavs from Cuban. Mark Cuban earlier purchased the majority stake in the Mavericks for $285 million in January. Per Forbes, the team is the seventh-most valuable franchise in the NBA as of October this year, with $4.5 billion worth.

Approval meeting is slated

According to sources, the league’s Board of Governors has set December 20th as the ideal due date for final approval of the Mavs’ sale of their majority stake to the $33 billion worth Adelson and Dumont families. A source familiar with the deal informed the Dallas Morning News that Adam Silver, the Commissioner of the league, notified the 30 members of the Board of Governor of a meeting scheduled for the 20th of December.

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This includes Cuban, the present governor of the Mavs. The meeting has been called to cast votes regarding the team’s sale. This strongly implies that the NBA has finished the necessary assessment and screening of Mariam, Las Vegas Sands’ majority stakeholder, and Dumont, the current president and CEO of the company. Once the deal is finalized, the Adelson-Dumont families will become the 3rd richest sports team owners.

Cuban will continue overseeing the operations of the Mavs

The same source also disclosed that “when the purchase is finalized, only two stakeholders will remain: Adelson-Dumont, as majority owner; and Cuban as minority owner, but with a sizeable stake.” While Dumont is expected to take over as the governor of the Mavs, Cuban will continue to take care of the basketball operations of the team.

The Adelson family had been openly advocating to legalize gambling in Texas and Cuban has had plans of establishing a casino resort in Dallas. The soon-to-be business partners might merge their interests and partner up to build the casino. For now, we await the results of the meeting scheduled for the 20th of December.

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Do you think this sale will have any effects on the functioning of the team? Is this a good move on Cuban’s part? Share your thoughts!