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Edited by: TJVNews.com
In a groundbreaking development, the NBA board of governors has given the green light to Dallas Mavericks owner Mark Cuban’s sale of a majority stake in the franchise to casino mogul Miriam Adelson and her family, as was recently reported by TheAlthletic.com. This unique deal sees Cuban retaining shares and control of basketball operations while welcoming Adelson as the new majority owner.
Miriam Adelson, the largest shareholder in Las Vegas Sands Corp., expressed her enthusiasm for the venture, stating, “I am excited to spend time cheering on the team and getting to meet members of its passionate fan base,” according to the report on TheAthletic.com web site. She added that, “Everywhere we have a business presence, our top priority has been to empower our team members and engage with the local community in a meaningful way. I very much look forward to bringing that same commitment to Dallas and the greater DFW area.”
The deal, expected to close this week, marks a significant moment in NBA ownership, making Adelson just the third woman to be the principal owner of an NBA team, joining the ranks of Jeanie Buss (Los Angeles Lakers) and Gayle Benson (New Orleans Pelicans), the report said. Jody Allen also holds a prominent position as the chairwoman of the Paul G. Allen Trust, overseeing the Portland Trail Blazers.
Patrick Dumont, Adelson’s son-in-law and the president and chief operating officer of Las Vegas Sands Corp., will serve as the Mavericks’ governor. Adelson, with an estimated net worth of $32.3 billion, is recognized as one of the wealthiest individuals globally and the fifth-richest woman, according to Forbes, as was reported by TheAthletic.com.
“We are honored to be the new majority owners of the Dallas Mavericks and part of the NBA family,” Dumont said. “We appreciate the faith the NBA and its Board of Governors have placed in us. Our family loves basketball, and we plan to display our passion for the sport by owning and investing in a world-class basketball organization that wins games and proudly represents its community.”
The Adelson family’s wealth stems from their association with Las Vegas Sands Corp., founded and formerly run by the late Sheldon Adelson. A renowned casino tycoon, Sheldon Adelson played a pivotal role in developing iconic establishments like The Venetian and The Palazzo in Las Vegas, as well as several casino resorts in Singapore and Macao, according to information provided in the report on TheAthletic.com web site. Known for their significant contributions to Republican campaigns, the Adelsons were prominent donors to Donald Trump’s 2016 presidential campaign and supporters of Israel and a plethora of Jewish causes.
In a notable move in November, Las Vegas Sands Corp. announced in an SEC filing that Miriam Adelson would be selling $2 billion worth of stock in the company to fund the acquisition of a majority stake in a sports franchise, the report indicated. This sale constitutes approximately 10 percent of her stake in the company. The Adelson family also owns two daily newspapers, Israel Hayom in Israel and the Las Vegas Review-Journal.
Miriam Adelson’s entry into NBA ownership marks a historic moment and reflects the changing landscape of leadership in professional sports. With her extensive background in business and philanthropy, Adelson’s influence is poised to make a lasting impact on the Dallas Mavericks and the broader NBA community.
Cuban, who purchased the Mavericks in 2000 for $285 million, will retain shares of the team and continue to oversee basketball operations, marking a unique arrangement in the realm of professional sports ownership, according to the report on TheAthletic.com.
Cuban’s decision to sell comes at a time when the NBA is heavily embracing sports betting.
This move is part of a broader trend in the NBA, with the Dallas Mavericks becoming the third team to experience a change in majority ownership within the past year. As was reported by TheAthletic.com, mortgage lender Mat Ishbia and his brother Justin acquired a controlling stake in the Phoenix Suns, valuing the team at $4 billion. Additionally, a group led by Gabe Plotkin and Rick Schnall acquired Michael Jordan’s majority stake in the Charlotte Hornets earlier this year.
As was noted in TheAthetlic.com report, the Adelson family’s involvement in basketball extends beyond the NBA, as Miriam’s son, Matan Adelson, purchased Hapoel Jerusalem, an Israeli club participating in EuroCup, during the summer.
Despite the sale, Cuban’s influence on the Mavericks’ front office has been diminishing since the hiring of general manager Nico Harrison in 2021. The report added that while Cuban remains actively involved and aware of team decisions, he has delegated more responsibilities to Harrison, bringing a more structured approach to the organization.
The unique nature of Cuban’s deal, allowing him to maintain control of basketball operations despite selling the majority stake, has raised questions about the future direction of the Mavericks. The specifics of this arrangement and its impact on the team’s dynamics may become clearer over time, but for now, the Mavericks embark on a unique journey under the stewardship of the Adelson family and the continued guidance of Mark Cuban.
