The Dallas Mavericks Mavericks’ owner Mark Cuban has agreed to sell the majority stake in the franchise. The Mavs’ new owners will be billionaire Miriam Adelson and her casino and resort company, Las Vegas Sands Corporation.
Adelson and Dumont family, her partners at Las Vegas Sands, confirmed the agreement with Cuban in a statement shared on Wednesday.
“The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise,” said the statement. “Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond.”
According to The Athletic’s Shams Charania, the sale values the Mavericks at $3.5 billion. The agreement will see Cuban retain a stake in the franchise while also retaining “full control of basketball operations.”
Mark Cuban bought the majority stake in the Dallas Mavericks in 200 for $285 million. During his tenure as the owner of the team, the Mavs made the playoffs in all but five seasons. They made two NBA Finals trips and won an NBA title during the 2010-11 season.
The deal with the Adelson and Dumont families allows Cuban to cash in on the Mavericks at a time when the valuation of NBA teams is at an all-time high. He does that while still remaining involved in the basketball side of the franchise, which was likely one of the big reasons he accepted the deal.
