Mark Cuban Sells Dallas Mavericks to Adelson Family

Throughout this century, there have been few, if any, owners of major North American pro sports franchises more flamboyant, controversial, and entertaining than Mark Cuban.

But now the 65-year-old Jewish celebrity boss of the Dallas Mavericks, who made his fortune through the sale of startups MicroSolutions and Broadcast.com in the 1990s (when the Mavericks were considered one of the worst teams in North American pro sports) before purchasing 85 percent of the franchise for $280 million in 2000, appears to be stepping down from his role as principal owner of the wildly popular NBA team.

Late last month, Cuban agreed to sell a majority stake of the Mavs – for a valuation in the range of $3.5 billion — to the Adelson family that operates the Las Vegas Sands casino company. Miriam Adelson, the widow of Sheldon Adelson, the multi-billionaire casino tycoon and founder of Las Vegas Sands who passed away in 2021, serves as the controlling shareholder of Las Vegas Sands while her son-in-law, Patrick Dumont, is president and chief operating officer.

Cuban, who coincidentally just announced that he was leaving the popular business TV program “Shark Tank” after a 16th season next year, will keep shares in the team and retain complete control of basketball operations. To fund the landmark purchase, Adelson is reportedly selling $2 billion worth of Las Vegas Sands stock, or approximately 10 percent of her stake, according to an announcement from the company.

In a statement released by the Adelson and Dumont families regarding the impending sale of the now perennially contending NBA franchise, it was noted that “The Dallas Mavericks are one of the world’s most successful and recognizable sports franchises. The team has won an NBA championship, has a long history of attracting international superstars and has been supported by a dedicated and passionate fanbase and leadership group led by Mark Cuban.

“The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise. Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond.”

Under Cuban’s stewardship, the Mavericks showcased several of the league’s global superstars (Dirk Nowitzki, Luka Doncic, Steve Nash) and captured their first-ever NBA Finals in 2011 five years after nearly winning it all. But despite such international star power, Cuban often remained the face of the rejuvenated franchise, what with his track record of on-court histrionics that often drew the ire of late NBA Commissioner David Stern (a titanic Jewish sports figure), not to mention a yearslong string of hefty fines.

Even following the impending transaction, Cuban, who in addition to being a reality television star has recently founded a company aiming to lower the costs of prescription drugs, will still cast a long shadow over the franchise. Currently, he owns approximately three-quarters of the Mavericks, with the remainder possessed by a handful of minority owners. Per a recent New York Times report, following the expected sale, Cuban will own roughly a quarter, and the Adelson and Dumont families approximately three-quarters, with the rest spread among a passel of minority owners.

Belying his typical loquacious manner and accessible persona, Cuban refrained from speaking on the record following reports of the Mavericks sale; meanwhile, the Adelson and Dumont families, mindful of the multifaceted NBA approval process for an ownership change, did not comment beyond the aforementioned statement.

In addition to building the Sands Casino in Las Vegas, Miriam’s late husband Sheldon developed several other casino resorts in Singapore and Macao. Aside from his business ventures, Sheldon Adelson, along with Miriam, were known for being prominent Republican benefactors who contributed significantly to Donald Trump’s 2016 presidential campaign as well as ardent supporters of Israel and Jewish campaigns. They have reportedly donated close to $500 million to Birthright Israel over the past couple decades. Miriam was born in Israel and has made noteworthy philanthropic contributions toward initiatives to improve Jewish relations in America.

If this deal is approved, which could happen before New Year’s but is subject to the satisfaction of customary closing conditions and approval of the NBA Board of Governors, Adelson would become only the third woman to be the principal owner of an NBA franchise at this hour, joining Los Angeles Lakers’ Jeanie Buss and New Orleans Pelicans’ Gayle Benson. Jody Allen operates the Portland Trail Blazers as chairwoman of the Paul G. Allen Trust.

Regarding Cuban’s future endeavors, there was speculation that selling his majority stake in the Mavericks was a sign that he was gearing up for a presidential bid, which he seriously considered in the last election cycle. While that does not appear to be the case – based on his recent statement to NBC News – it is quite possible that Cuban, in addition to wanting to spend more time with his three teenage children, may pursue a new business endeavor that he mentioned last year: partnering with the Sands Corporation to construct a new Mavericks home arena in downtown Dallas that would double as a casino resort, should Texas legalize gambling.

But in addition to betting still being outlawed in Texas, other significant headwinds to that plan include land acquisition, obtaining financing when interest rates remain sky-high and getting construction approvals.

To date, however, Cuban has not made any public comments about his motivations for recently selling the Mavericks.