It was definitely a shock when Mark Cuban announced in late 2023 that he was interested in selling the majority stake in the Dallas Mavericks. And it was even more surprising to see a group of people who were not quite what everyone had imagined to be the next owners. Cuban, ever the intuitive businessman, knew exactly what he planned to achieve with this move.

The seventh-most valuable franchise, valued at $4.5 billion, the Mavs weren’t in this position always. In fact, it was one of the worst in pro sports in 1990. The high-profile businessman, a self-declared basketball junkie, bought the franchise in 2000 and, along with Dirk Nowitzki, turned it into one of the prime destinations and a highly valued team. And now, over two decades of managing and being heavily involved, the billionaire entrepreneur relinquished majority control. So who are these new owners?

Mark Cuban aimed to glam up Dallas with the brand-new ownership

Chances are, a lot of you would have heard of the publicly traded Vegas company, the Las Vegas Sands Corp. It’s one of the most popular integrated casino and resort companies with properties in Singapore and Macau. Fun fact: those who have watched Crazy Rich Asians would have seen one of their properties – Marina Bay Sands, Singapore. Well, to be specific, one amenity provided by them, the world’s largest rooftop infinity pool, was featured in the movie.

Back to our point, the Sands Corp. is owned by Miriam Adelson (née Farbstein), the widow of the billionaire casino magnate, Sheldon Adelson. Patrick Dumont- her son-in-law, the Adelsons, and Mark Cuban agreed on a $3.5 billion deal, with the new owners maintaining majority control with a 73% stake.

The remaining 27% will be in the hands of Mark Cuban. He holds the position of alternate governor, the Mavs’ governor position going to Patrick Dumont. However, the 66-year-old made it clear that the Mavs are not leaving Dallas and also that he will continue maintaining control over basketball operations, “unless we’re going to go hire somebody that cost $300 million a year.”

Clearly, Cuban does not want to stay away from his beloved Mavericks.

What was the driving force behind the ownership change?

The businessman in Mark is hoping to turn Dallas into a prime Las Vegas-style location. There is only one ‘Sin City,’ of course, but you could always replicate or adopt a similar style. And with the vast experience the Dumont-Adelsons have in the field, it was the perfect marriage.

“They’re not basketball people. I’m not real estate people. That’s why I did it. I could have gotten more money from somebody else. I’ve known these guys for a long time. They’re great at the things I’m not good at,” Mark Cuban confessed.

With the kind of popularity the Mavs command, the addition of an integrated resort casino would be just the ideal move to change the landscape of the ‘Lone Star State’ itself. However, if you remember, gambling has been met with resistance at every turn. But per Mark Cuban, the casino part is relatively small compared to the kind of benefits such a move would bring.

“Could you imagine building the Venetian in Dallas, Texas? That would just change everything,” the famous investor said excitedly. Furthermore, the Pennsylvania native has long envisioned an arena for the Mavericks. The current lease the franchise has with American Airlines Center expires in 2031 and his dream arena is part of a Las Vegas-style resort and entertainment destination.

Can you imagine what it would look like? While the terms, conditions, and plans of the deal are well, what do we know about Dr. Adelson?

Who is Miriam Adelson?

An Israeli-American physician and philanthropist, Miriam was born on 10th October 1945 in Tel Aviv, Israel. Her parents had fled Poland before the Holocaust, somehow managing to avoid a grizzly fate. Having settled in the second-largest city in Israel, Adelson earned a Bachelor of Science in Microbiology and Genetics from the Hebrew University of Jerusalem. Following this, the now-78-year-old graduated magna cum laude from Tel Aviv University Faculty of Medicine with a medical degree.

Before meeting the late Sheldon Adelson, Miriam was married to Ariel Ochshorn, also a physician, with whom she has two children. But after their divorce in 1986, Dr. Adelson moved to New York City, working as an associate physician at Rockefeller University, specializing in drug addiction. It was at Rockefeller that Sheldon and Miriam met, following which they decided to tie the knot.

The Adelsons are famous for their support of the Republican Party and Donald Trump, donating large sums of money to the party. In fact, the pair were two of the most influential donors of the party. Aside from that, Miriam and her late husband also supported Israel in any way they could. In 2018, she received the Presidential Medal of Freedom for her notable philanthropy.

After the death of Sheldon Adelson in 2021, at the age of 87, Miriam Adelson, inheriting the majority of his fortune, became one of the richest women in the world. Forbes places her and the family at #59 with a $30.7 billion net worth.

How about her son-in-law?

All about Patrick Dumont – the new governor of the Dallas Mavericks

In all honesty, much isn’t known about Patrick Dumont other than his obvious connection to the Adelson family. Having grown up in Brooklyn, he was no stranger to basketball. “Basketball is kind of the sport in New York City, particularly in Brooklyn when I was growing up,” the 49-year-old said in an interview with the Dallas Morning News. 

While Patrick Dumont admitted that he wasn’t particularly good at the sport, he clarified that the passion was there. And he found the same in his family, as well. “When Luka scored 73, I thought our house might fall down, with everyone screaming so loud,” he said, explaining just how deep the love for basketball ran in his wife and children.

Having earned a B.S. in mechanical engineering from Johns Hopkins University and an MBA from Columbia Business School, Patrick started his professional career with a job in investment banking. After his marriage to Sivan Ochshorn (Miriam’s daughter from the first marriage) in 2009, Patrick Dumont held various positions in Sands Corp. ranging from senior strategy to operating and finance.

However, in 2016, he was named the Chief Financial Officer, no doubt owing to his experience. But perhaps, what might have been a key factor was his brokering of the deal to purchase the Las Vegas Review-Journal for $140 million in 2015. Following the passing away of his father-in-law, Dumont was appointed as the President and Chief Operating Officer of Sands Corp.

And now with the realization of a longtime dream of owning a basketball franchise, Patrick Dumont and the Adelsons are hoping the team can clinch that second title this season. The young businessman might not command attention like Mark Cuban, but it didn’t make him any less competitive.

“He basically said, ‘Just do what you’ve got to do. I want to win.’,” Mark Cuban revealed.