Clutch Points
The NBA officially approves the transfer of controlling ownership of the Dallas Mavericks on Wednesday, moving from Mark Cuban to the families overseeing the Las Vegas Sands casino company.
This approval follows closely after Miriam Adelson and Sivan and Patrick Dumont’s families expressed their intent to acquire the club just under a month ago. Sources indicate the purchase valuation surpasses $4 billion, according to ESPN’s Tim MacMahon.
Leadership Shift: Patrick Dumont as Mavericks Governor
Patrick Dumont, Adelson’s son-in-law and President/COO of the Las Vegas Sands company, will step into the role of Mavericks governor. Miriam Adelson, the widow of casino magnate Sheldon Adelson, is part of the family taking over the majority stake.
Cuban will control basketball operations, and currently, there is no indication that the club will relocate from Dallas.
Cuban has outlined his vision to collaborate with Las Vegas Sands on a comprehensive plan involving the construction of an arena in downtown Dallas, incorporating a hotel and casino.
Advocacy for Legalized Gambling in Texas
Miriam Adelson has been actively advocating for casino gambling in Texas, despite gambling not being legalized in the state. She invested over $2 million last year in the Texas Sands political action committee, which generously contributed to state legislators and lobbied extensively in the GOP-controlled Capitol. She gave an additional $1 million separately to Republican Gov. Greg Abbott.
However, these efforts failed to yield the desired results this year in the Texas Legislature, where resistance to legalizing casinos remains robust.
Texas already has a billionaire NBA owner and casino operator in Houston Rockets owner Tilman Fertitta, who also supports bringing casinos to his home state but has seen lawmakers reject the idea year after year.
Sale Impact: Cuban’s Public Profile and “Shark Tank” Departure
News of the Mavericks’ sale emerged last month, shortly after Las Vegas Sands announced that Adelson was selling $2 billion of her shares to acquire an unspecified professional sports team.
The impact of this sale on Cuban’s public profile remains uncertain. While he is expected to continue making basketball decisions, the sale aligns with his departure from the popular business TV reality show Shark Tank after the upcoming 16th season.
Cuban’s Mavericks Legacy: From Struggles to 2011 Championship
Cuban, who acquired the team in 2000, has been a prominent owner, known for his outspokenness. He became visible almost from the day he bought the team, often meeting with reporters while working out on an exercise machine before most home games.
The NBA has imposed fines on Cuban through the years, often for his criticism of officiating, and more recently for comments about tanking for draft picks.
Despite being one of the worst franchises in the 1990s, Dallas transformed into one of the best under Cuban, especially with the contribution of star forward Dirk Nowitzki, now a member of the Basketball Hall of Fame and the leader of the team that won the 2011 NBA championship.
Future Role: Cuban’s Advocacy in Texas Legislature
Cuban, a self-professed basketball enthusiast and Indiana University graduate, is almost always courtside for Mavericks games. The extent of his spotlight may not diminish significantly if he plays a role in pushing for casino gambling through the Texas Legislature in the coming years.
This report used information from The Associated Press.
