The NBA club, Dallas Mavericks, is set to undergo a significant shift in ownership as founder and owner, Mark Cuban, has agreed to sell a majority stake in the team to the Adelson family. Miriam Adelson, the widow of the late casino magnate Sheldon Adelson, has stepped in as the prospective new majority owner.
The deal also includes the right for the Adelson and Dumont families to serve as the new Governor of the Mavericks, as confirmed by a statement released by the NBA on behalf of the prospective new owners.
Patrick Dumont, who serves as the president and chief operating officer of the family’s Las Vegas Sands company, will play a key role as Miriam Adelson’s son-in-law.
The Las Vegas Sands company is known for owning some of the most notable properties in Singapore and Macau, including the iconic Marina Bay Sands featured in the movie “Crazy Rich Asians.”
While the terms of the sale were not immediately disclosed, reports from NBC Dallas-Fort Worth suggest the deal is valued at $3.5 billion, whereas Cuban’s net worth is estimated at approximately $6.2 billion by Forbes.
Targeting a closing of the transaction by year-end, the prospective new owners are poised to take control of the NBA’s seventh most valuable franchise, with an estimated worth of $4.5 billion according to Forbes.
The Mavericks, having secured one NBA title in 2011, are widely recognized as one of the most prominent teams in the league, partly due to Cuban’s significant influence.
In addition to these developments, the prospective new ownership spotlight Miriam Adelson’s late husband, Sheldon Adelson, who was a well-known GOP megadonor and a staunch supporter of former President Donald Trump. In 2018, Miriam Adelson was awarded the Presidential Medal of Freedom by President Trump.
For more information, you can read the original article on NBCNews.com.
