The NBA Board of Governors has given its stamp of approval to the sale of the controlling interest in the Dallas Mavericks by Mark Cuban to casino mogul Miriam Adelson and her family.
Adelson Family Takes the Reins
Casino magnate Miriam Adelson and her family, led by son-in-law Patrick Dumont, President, and CEO of Las Vegas Sands Corp., have secured the majority stake in the Dallas Mavericks. The NBA’s approval paves the way for the completion of the transaction, expected to be finalized this week.
Cuban’s Continued Role
While relinquishing the controlling interest, Mark Cuban is anticipated to retain control over the Mavericks’ basketball operations. Cuban has been at the helm of the Mavericks since January 2000 when he acquired the team for $285 million.
Valuation and Financial Details
The Adelson family holds a substantial majority stake estimated at $3.5 billion. Notably, Forbes’ recent valuations positioned the Mavericks as the seventh-most valuable NBA team, boasting a total worth of $4.5 billion. The financial transaction underscores the robust economic landscape of NBA franchises.
Miriam Adelson’s Wealth and Historic Ownership
Miriam Adelson, 78, widowed by casino tycoon Sheldon Adelson, is not only making history as the new principal owner of the Mavericks but also stands as the fifth-richest woman globally, wielding a considerable fortune of $32.3 billion.
Cuban’s Legacy and Mavericks’ Journey
Mark Cuban, 65, leaves a lasting legacy in the NBA, having steered the Mavericks for over two decades. His initial acquisition of the team for $285 million marked the beginning of an era that saw the Mavericks rise in value and prominence within the league.
Historic Women Ownership in the NBA
Miriam Adelson joins a select group of women at the forefront of NBA ownership. Alongside Jeanie Buss of the Los Angeles Lakers and Gayle Benson of the New Orleans Pelicans, Adelson contributes to breaking barriers and promoting inclusivity in the ownership landscape of professional basketball.
As the Adelson family assumes control of the Dallas Mavericks, the NBA undergoes another transformative moment, showcasing the evolving dynamics of team ownership and the league’s continued growth.
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