Picture this: a world where NBA ownership is all about real estate. Sounds intriguing, right? Well, that's exactly what billionaire Mark Cuban envisions for the future. Cuban, known for his high-profile ventures, has recently sold his majority stake in the Dallas Mavericks to the Adelson and Dumont families, who are deeply rooted in the hotel and casino industry. Talk about a game-changing move!
The NBA officially approved the sale just a few weeks after Miriam Adelson and Sivan and Patrick Dumont expressed their intention to buy the historic basketball club. Based on the valuation, the purchase is estimated to be around a staggering $3.5 billion. Patrick Dumont, Miriam Adelson's son-in-law and the president and COO of Las Vegas Sands, will take on the role of Mavericks governor. On the other hand, Cuban will retain a 27% stake in the franchise and maintain control over the team's basketball operations. And he wants to make it clear that there are no plans for the Mavericks to leave the beloved city of Dallas.
