By Dorothy J. Gentry
Sports Editor
Photo: Dorothy J. Gentry
Billionaire Mark Cuban is no longer the sole, majority owner of the Dallas Mavericks.
Wednesday morning, the NBA Board of Governors unanimously approved the sale of the team to the Adelson and Dumont families out of Las Vegas.
Controlling interest in the Mavs now belongs to Dr. Miriam Adelson, and Sivian and Patrick Dumont. Mr. Dumont, President and Chief Operating Officer of Las Vegas Sands Corp., will serve as the Mavericks’ Governor (formerly called owner) – a post Cuban held since purchasing the team in 2000. The deal is expected to formally close this week per the NBA. Dumont now has a 73% stake of the team; Cuban is now the alternative governor with a 27% stake in the team.
“This is great for the Mavs on and off the court,” Cuban said in an email to Texas Metro News shortly after the news was made public.
Adelson is the largest shareholder of the Las Vegas Sands Casino.
The family released the following per Brad Townsend of The Dallas Morning News:
“The state of Texas has always been friendly to our family, and we look forward to being able to repay that kindness. I am excited to spend time cheering on the team and getting to meet members of its passionate fan base,” said Dr. Adelson. “Everywhere we have a business presence, our top priority has been to empower our team members and engage with the local community in a meaningful way. I very much look forward to bringing that same commitment to Dallas and the greater DFW area.”
Mr. Dumont, who will serve as the team’s Governor, said: “We are honored to be the new majority owners of the Dallas Mavericks and part of the NBA family. We appreciate the faith the NBA and its Board of Governors have placed in us. Our family loves basketball, and we plan to display our passion for the sport by owning and investing in a world-class basketball organization that wins games and proudly represents its community.”
“We look forward to working in partnership with Mark Cuban as stewards of this great franchise and bringing another NBA championship to the city of Dallas. We are committed to the long-term success of the Mavericks and delivering a world-class hospitality experience for our fans, players, employees, sponsors and partners,” he said.
The New Owners:
Dr. Miriam Adelson is a philanthropist and medical expert in the fields of internal medicine and emergency medicine and is also the majority shareholder of global hospitality, entertainment and gaming company, Las Vegas Sands. Mr. Dumont is the company’s president and chief operating officer and a member of its board of directors.
The Adelson family has a long history of owning and operating businesses that serve as model employers and strong community partners. Las Vegas Sands has consistently been recognized by outside organizations as one of the world’s leading companies based on its business success, employee satisfaction and community engagement.
Las Vegas Sands is a Fortune 500 company that employs more than 35,000 people and, by market capitalization, is the most valuable company in its industry. The company redefined business and leisure tourism through the development of destination resorts that feature upscale hotel accommodations, expansive retail offerings, casual and fine dining, meeting and convention facilities, spa and fitness amenities, casino gaming and large live entertainment venues.
Specific to community engagement, Las Vegas Sands, through its Sands Cares program, provides meaningful support to its local communities. The company also has a strong record of environmental sustainability through its Sands ECO 360 program.
The Dallas Mavericks won the 2011 NBA Championship. It has previously been reported that the 65-year-old Cuban wants to legalize gambling in Texas and build a casino resort arena. The sale of the team will go a long way toward making that happen.
Stay tuned to TMN for more on this breaking story.
