OFFICIAL: NBA Board of Governors Approves Mark Cuban's Mavs Sale
DALLAS – It's a move we've all seen coming for about a month now, but Mark Cuban is no longer the majority owner of the Dallas Mavericks after the NBA Board of Governors approved the sale to Miriam Adelson's family.
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"The NBA Board of Governors has approved the sale of the controlling interest in the Dallas Mavericks from Mark Cuban to the families of Dr. Miriam Adelson and Sivan and Patrick Dumont. Mr. Dumont, President and Chief Operating officer of Las Vegas Sand Corp., will serve as the Mavericks' Governor. The transaction is expected to close this week," the NBA said in an official statement.
Cuban, who is reported to be keeping around a 25 percent stake in the Mavs while also assuming the role of alternate Governor, is expected to still have control over basketball operations despite not being the majority owner anymore.
With the sale, Cuban's dreams of the Mavs having a new arena that would also be a casino/resort have more life in the coming years, as the Adelson family has extremely deep pockets, vast casino knowledge and experience, and political ties in Texas.
