Las Vegas Sands' business case for a stake in the Dallas Mavericks
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Miriam Adelson (middle) is the widow of Nevada billionaire Sheldon Adelson (left) and soon-to-be owner of the Dallas Mavericks. Photo: Tiffany Rose/WireImage
Mark Cuban's plan to sell a majority stake in the Dallas Mavericks to a Nevada family that runs a global casino company could revive the push for legal gambling in Texas and enable the Mavs to build a new arena.
Why it matters: Cuban has been a fixture of the Mavs since buying the team in 2000 for $285 million and turning it into one of the NBA's most valuable teams. Forbes valued the team at $4.5 billion last month.
- The pending sale has captured the attention — and speculation — of sports fans and business experts across the country.
State of play: News of Cuban's talks with Miriam Adelson and her family broke on Tuesday, after Las Vegas Sands reported in an SEC filing that she was selling a $2 billion stake in the casino operator and planning to use the money to buy a sports franchise.
- Her son-in-law, Patrick Dumont, is the company's president and chief operating officer.
- The Adelson and Dumont families confirmed in a statement Wednesday that they've "entered into binding purchase agreements" to acquire majority ownership of the Mavericks and the right to serve as the team's governor.
- The deal is valued around $3.5 billion, and Cuban will retain oversight of the team's basketball operations, per AP.
Between the lines: Both Cuban and Las Vegas Sands have been proponents of legalizing gambling in Texas.
- The issue didn't make it far in the state Legislature this year but it's sure to come up again in 2025, when lawmakers meet again.
- Already having a stake in Dallas would position Las Vegas Sands for an expansion into Texas if gambling becomes legal here.
What they're saying: "The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise. … We look forward to partnering with Mark Cuban to build on the team's success and legacy in Dallas and beyond," their statement says.
- Cuban told WFAA that the deal will put the Mavs in a better position to compete, now and in the future.
The intrigue: Cuban has been candid about wanting to move the Mavs to a new arena. He told the Dallas Morning News last year that if Texas legalizes gambling, he envisions partnering with Sands to build a new arena for the Mavs in the middle of a resort and casino.
- "Media has always been our biggest source of revenue. You know what is happening there," Cuban told WFAA on Wednesday. "I think a new arena, real estate area and hopefully a future resort casino can replace what we lose in media, and fund current and future Mavs."
Reality check: It's too soon to know if the Mavs will get a new arena and if so, where it would be built.
Plus: Cuban talked about the NBA's future on the "All The Smoke" podcast last week and said he's worried about the league's future broadcast deals. "It's not automatic that everything always gets better," he said.
- Cuban's also leaving "Shark Tank" after over a decade on the reality show for entrepreneurs, saying that "it's time" to go.
- He's still got other ventures taking up his time and energy — his pharmaceutical company, Cost Plus Drugs, intends to disrupt the drug supply chain by making prescriptions more affordable.
What's next: The Adelson and Dumont families say they hope to finalize the transaction with the Mavericks by the end of the year, "subject to satisfaction of customary closing conditions and approval of the NBA Board of Governors."