The Dallas Mavericks have new ownership for the first time since 2000 when billionaire Mark Cuban bought the franchise for $285 million. Recently, he sold his majority ownership to the Adeleson and Dumont family for $3.5 billion. While Mark still owns 27% of the Mavericks and manages basketball operations, the Adelson family has the final say.

The Las Vegas Sands casino company, led by the Adelson family, has appointed Patrick Dumont, currently the COO at Sands, as the new Governor of the Dallas Mavericks. Mark Cuban, the Mavericks’ long-time owner, acknowledged Dumont’s influence on the team’s basketball decisions, saying that while he still has input, Dumont holds the ultimate authority: “It’s like anything—they’d have final say, for sure,” Cuban told reporters.

Who is Patrick Dumont?

Patrick Dumont first ascended to the role of CFO at Las Vegas Sands Corp in 2016 and was later promoted to COO in 2021. Married to Sivan Ochshorn, the daughter of Miriam Adelson, Dumont is deeply tied to the Adelson family’s business and investment ventures. On the decision to acquire the Mavericks, Dumont explained, “As a family, we’ve been wanting to be part of the Texas business community,” revealing that the family had been seeking the right opportunity to make their mark in Texas for some time. This acquisition represents both a business move and a strategic expansion into the Texas market.

Since becoming the majority owner of the franchise, he’s been a regular at the games and has received a warm welcome from his new home, “I don’t think there are many cities in America where you can show up and everyone’s just warm and embracing” said Dumont, who is acclimating to Texas.

How much is the Dumont and Adelson family Worth?

The Dumont and Adelson family includes Patrick Dumont, Miriam Adelson, and her daughter Sivan Ochshorn. They are the owners of the Mavericks, and also majority shareholders, making them some of the richest people in the world.

Miriam Adelson and her family have a net worth of $32 billion according to Forbes, making her the 53rd richest person in the world and the fifth richest woman in the world. On the other hand, her son-in-law alone is worth at least $17.4 million as per reports. In addition, he makes around $2.4 million in salaries as the COO of the Sands group.

How much ownership does Patrick Dumont have in the Mavericks?

Patrick Dumont after taking over the majority ownership in the Dallas Mavericks, while Mark Cuban still owns 27% of the Franchise and is a minority owner. Per reports, Patrick Dumont and the Adelson family now own 69% of the Mavericks. According to Mark Cuban, “It’s a partnership,” referring to the change in majority ownership.

As he added, “They’re not basketball people. I’m not a real estate person. That’s why I did it.” One of the driving factors of the sale according to him was the family having casino and real estate connections which he sees as a major advantage going forward for the Franchise.

Why did the Dumont and Adelsons buy the Mavericks?

While the Adelson family’s connection to sports franchises is relatively new, their influence in the sports world is notable, particularly due to the late Sheldon Adelson’s key role in relocating the Raiders to Las Vegas. As they seek expansion beyond Nevada, the family has turned its attention to Texas.

Last December, Mark Cuban voiced his interest in collaborating with Las Vegas Sands Corp. to establish a new Mavericks arena within a Dallas resort and casino complex. Sands Corp. is actively advocating for gambling legalization in Texas and, as part of its long-term strategy, has secured 108 acres of land near Dallas.

Interestingly, the Adelsons also have a family link to the Mavericks: Miriam and Sheldon’s son, Matan Adelson, previously interned with the franchise. Matan has since moved on to own the Hapoel Jerusalem Basketball Club, reportedly acquiring it for around $20 million, furthering the family’s stake in the world of sports.