Adelson Family on Buying Dallas Mavs Majority Stake From Mark Cuban: ‘Goal is to Win … Future is Bright’
The sports world is still in shock after learning earlier this week that Mark Cuban is selling a majority stake of the Dallas Mavericks worth $3.5 billion to Miriam Adelson. The Adelson and Dumont families recently issued a public statement regarding their agreement with Cuban and the future of the Mavs.
“The Adelson and Dumont families have entered into binding purchase agreements to acquire majority ownership and the right to serve as Governor of the Dallas Mavericks. The families are targeting a closing of the transaction by year-end, subject to the satisfaction of the customary closing conditions and approval of the NBA Board of Governors," the statement read.
According to a report from NBA insider Marc Stein, Sands Corp. president Patrick Dumont "will become Mavericks governor" with Cuban shifting to being an "alternate governor" when the sale is completed.
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The Adelson/Dumont statement continued: "The Dallas Mavericks is one of the world's most successful and recognizable sports franchises. The team has won an NBA championship, has a long history of attracting international superstars and has been supported by a dedicated and passionate fanbase and leadership group led by Mark Cuban.
"The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise. 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."
Obviously, Cuban and the Adelson family have a shared vision of what the Mavs could become in the future. If gambling is legalized in Texas by the time the Mavs' lease agreement with American Airlines Center is up in 2031, Cuban's dream of creating a new area that would also be a casino/resort could become a reality.
“The goal is to win and to have a team that proudly represents the greater DFW area and serves as a strong and valuable member of the local community. We believe that with this partnership and our commitment to the team, the community and the fans, the future is bright for the Dallas Mavericks," the Adelson/Dumont statement concluded.
With much deeper pockets than they had before, the Mavs should be set up for greater success, both on and off the court, for the foreseeable future. Cuban might not be a majority owner of the Mavs anymore, but he still holds a significant stake in the team and isn't planning on going anywhere anytime soon.
