Cuban says NBA approves sale of Dallas Mavericks, team will stay in Texas
On Wednesday, the NBA's Board of Directors confirmed the sale of a majority stake in the Dallas Mavericks to the family of Doc. Miriam Adelson, Sivan and Patrick Dumont.
Adelson is the widow of Las Vegas Sands (NYSE: LVS ) founder Sheldon Adelson, and her ex-husband's son-in-law, Dumont, is the gaming company's chief financial officer. He will serve as the team's general manager, while Mark Cuban will retain 27% ownership of the team and remain as director of basketball operations.
Through our commitment and additional investment in the team, we look forward to working with Mark Cuban to build on the team’s success and legacy in Dallas and beyond,” Adelson and the DuMont family in a statement said. “Our goal is to win and have a team that proudly represents the DFW area and is a strong and valued member of the local community. "
Adelson sold $2 billion worth of Sands shares last November to fund the purchase of a 73% stake in the NBA team. That's equivalent to about 10% of her stake in the casino giant, and she remains the operator's largest single investor. LVS committed to buying back up to $250 million of the shares it sold.
Mavericks acquisition sparks rumors
The initial headlines about the Adelson and DuMont families taking control of the Mavericks sparked a flurry of speculation, including the possibility of the Mavericks relocating to Las Vegas — a city widely believed to be unpopular for NBA ball when the league expands. The team is in a leading position.
Cuban denied the rumors and confirmed the team will remain in Dallas. There's also the somewhat overlooked controversy that Sands may be in talks with an investment firm to partner on a new integrated resort on the Las Vegas Strip and try to bring an NBA team to Sin City. But this has not yet been confirmed. If the plan comes to fruition, the league could potentially force Dumont to leave the bookmaker to avoid a conflict of interest.
A more credible rumor is that Sands and Cuban are looking to bring a casino hotel to the Dallas area. Assuming such a venue is approved, it would be part of a wider entertainment complex that would include the Mavericks' new arena.
In July, a limited liability company (LLC) with ties to Sands purchased 108 acres near Texas Stadium in Irving, Texas. A Sands-operated venue may eventually be built there. To do this, the Texas Legislature must amend the state constitution to give voters a say in casino gambling. But that won’t happen until 2025.
More comments from Cuban
Cuban told the Associated Press he's not concerned about legalizing sports betting in Texas. But he thinks the idea of building a Venetian-style casino hotel in Dallas could be a game-changer, attracting more tourists to the area.
He added that he could have gotten a higher price for the Mavericks. But his long-standing relationship with the Adelson family and their real estate expertise made them an attractive partner.
In order to turn the team into a legitimate championship contender, Cuban told AP that Dumont virtually gave him the freedom to do whatever was necessary to build a championship.
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Source: www.casino.org
