Dec 27, 2023 - Sports

NBA approves Dallas Mavericks sale to Las Vegas casino families

Dallas Mavericks owner Mark Cuban reacts after a basket during the second half against the Utah Jazz at American Airlines Center on December 06, 2023 in Dallas, Texas.

Mark Cuban during the Dallas Mavericks' game against the Utah Jazz in Dallas, Texas, earlier this month. Photo: Sam Hodde/Getty Images

The NBA approved on Wednesday billionaire Mark Cuban's majority stake sale in the Dallas Mavericks to the families that run a Las Vegas casino company.

Why it matters: The deal, estimated at around $3.5 billion, allows Cuban to retain oversight of the team's basketball operations and could enable the family to build a new arena and push for legal gambling in the state, per Axios Dallas.

Details: The NBA said in a statement on Wednesday that the families of Miriam Adelson and Sivan and Patrick Dumont, who run the Las Vegas Sands casino company, will now have controlling interest in the Mavericks.

  • Patrick Dumont will now serve as the governor of the Mavericks, the NBA announced.

Context: Adelson is the widow of casino magnate Sheldon Adelson and her son-in-law Patrick Dumont is the chief operating officer and president of the Las Vegas Sands.

Go deeper: Las Vegas Sands' business case for a stake in the Dallas Mavericks

Go deeper