On Wednesday, the NBA’s Board of Governors approved the sale of the Dallas Mavericks from Mark Cuban to the families of Dr. Miriam Adelson and Sivan and Patrick Dumont, the league said in a statement. Mr. Dumont, President and Chief Operating Officer of Las Vegas Sands Corp., will serve as the Mavericks’ Governor. The transaction is expected to close this week.
What it means: For the first time in 23 years, Cuban will not be the majority owner of the Mavericks. In a unique arrangement, Cuban will retain a 27% stake in the team and will continue to oversee basketball operations. While Dumont will supplant Cuban on the Board of Governors and ultimately have final say over basketball decisions, Cuban told reporters in Dallas on Wednesday that he will continue to run the day-to-day.
“We are honored to be the new majority owners of the Dallas Mavericks and part of the NBA family,” Dumont said in a statement. “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.”
