NBA Board Of Governors Approves Mavericks Sale

The NBA’s Board of Governors has given the green light on Mark Cuban’s deal to sell controlling interest in the Dallas Mavericks. The teams’ billionaire owner will now pass the baton to Patrick Dumont, who will take over from Cuban as the Mavericks’ Team Governor. While Cuban’s status as a minority owner remains unchanged, the deal is significant because it is estimated to be the largest cash transaction in NBA history.

The deal was valued at approximately $3.5 billion but may fetch between $3.8 billion and $3.9 billion. Miriam Adelson, the widow of late casino magnate Sheldon Adelson, covered the $2 billion purchase using cash at hand and proceeds from the sale of Sands Corp. stock. With no debt service, the transaction is unprecedented in recent NBA history.

Following the sale, Cuban plans to retain control of Dallas’ basketball operations. While he will no longer be heading the team in an official capacity, the billionaire mogul will continue to have a say in how the team is run. The move will also give Cuban the chance to diversify his investments while keeping basketball as his passion project.

The deal is a testament to the savvy Cuban has shown in overseeing the Mavericks. He purchased the team for $285 million in 2000 when it was being sold in bankruptcy. Under his stewardship, the Mavericks have become an award-winning team, winning their first and only NBA championship in 2011.

Cuban’s vision for the future of the Mavericks involves a new arena “in the middle of a resort and casino” if sports gambling is legalized in Texas. The Mavericks would partner with Las Vegas Sands, where Adelson is the largest shareholder, and Dumont is the chief operating officer. While such plans remain in the realm of speculation, Cuban remains committed to the team and its future success.

The deal signals a changing of the guard for the Dallas Mavericks, but it does so on a positive footing. With Adelson’s backing and Dumont’s oversight, the Mavericks will continue to be a force in the NBA. Meanwhile, Cuban’s vision for the team’s future remains ambitious, providing fans of the Mavericks with plenty to rally behind.