NBA approves sale of majority stake in Dallas Mavericks to Miriam Adelson

Following owner Mark Cuban’s unique arrangement, the NBA board of governors approved the sale of the Dallas Mavericks to casino magnate Miriam Adelson and her family for a controlling share. To the extent specified in the agreement, Cuban will continue to own and manage the basketball operations.

Through the investment company owned by her family, Miriam Adelson, the corporation’s largest shareholder, is purchasing the majority of the business. After the transaction closes this week, Patrick Dumont, Adelson’s son-in-law and president and COO of Las Vegas Sands Corp., will take over as Mavericks governor.

Unusual for basketball, Cuban will continue to run the team even after Adelson becomes the primary owner. Through the transaction, Adelson joins Jeanie Buss of the Los Angeles Lakers and Gayle Benson of the New Orleans Pelicans as the principal owner of two NBA teams.

In 2000, Cuban paid $285 million for the Mavericks; now, he is giving up the majority of his ownership in the organization he has led for nearly two decades. Though Cuban has been less involved in front-office operations since general manager Nico Harrison joined the organization in 2021, the sudden move raises concerns about the franchise’s long-term objectives.

Following her announcement that she was selling $2 billion in stock in her late husband Sheldon Adelson’s gaming empire, Las Vegas Sands Corp., Miriam Adelson acquired the Mavericks. A well-known family, the Adelsons have contributed to Republican politicians, supported Israel, and own a number of media websites, such as Israel Hayom and the Las Vegas Review-Journal.

Due to the NBA’s growing emphasis on sports betting and the Adelson family’s significant power in the casino sector, this transaction is noteworthy for its timing. The Dallas Mavericks now have an 18-12 record in the Western Conference.

Original story by: The Athletic