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NBA approves sale of Dallas Mavericks to families who run Las Vegas Sands casino company | Radio-Canada Sports

Mark Cuban sees a future of NBA ownership where the benefits will lie in real estate.

The high-profile billionaire says that’s why he sold his majority stake in the Dallas Mavericks to two families with deep ties to the hotel and casino industry.

The NBA on Wednesday approved Cuba’s sale of a majority stake in the Mavericks to the Adelson and Dumont families, who run Las Vegas Sands Corp.

The deal was approved just under a month after Miriam Adelson, Sivan and Patrick Dumont announced plans to buy the club. The purchase is within a valuation range of US$3.5 billion.

Patrick Dumont, Adelson’s son-in-law and president and chief operating officer of Las Vegas Sands, will serve as governor of the Mavericks. Adelson is the widow of casino magnate Sheldon Adelson.

Cuban will be the alternate governor with a 27% stake in the club and will retain control of basketball operations. He made it clear that there are no plans for the franchise to leave Dallas.

“The advantage is knowing what you can build and where and you need to have someone who is really, really good at it,” Cuban said before the Mavs’ game against Cleveland on Wednesday night. “Patrick and Miriam are the best in the world at what they do. Literally, everywhere in the world.

“When you get a world-class partner that can come in and augment your revenue base and you’re no longer dependent on things like you were in the past, that’s a huge win,” Cuban said.

Miriam Adelson is the majority shareholder of Las Vegas Sands Corp., a publicly traded Las Vegas company that built the Venetian and Palazzo resorts but now only owns casinos in Macau and Singapore. Sheldon Adelson, the founder of Las Vegas Sands, died in 2021 at age 87.

“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,” the Adelson families said and Dumont in a press release. “The goal is to win and have a team that proudly represents the greater DFW area and is a strong and valuable member of the local community.”

Cuban said that when he bought the Mavericks in 2000, he had the advantage of understanding technology. He became a billionaire when the Internet radio streaming company he co-founded was acquired by Yahoo.

Today, the future of media rights agreements is in question. Diamond Sports, the company that owns the regional sports network that carries the Mavericks, is in bankruptcy proceedings.

Cuban said the sale made revenue from media rights deals much less of a concern for the Mavericks.

“Financially, we’re in a much better position this afternoon than we were yesterday afternoon to be able to compete like this,” Cuban said.

The 65-year-old insisted he would have the final say on hiring and firing coaches, as well as signing free agents, “unless we hire someone who costs $300 million a year.

‘I want to win’

And Cuban said the expenses needed to keep the team competitive wouldn’t be a problem for Patrick Dumont.

“He basically said, ‘Do what you have to do. I want to win,'” Cuban said.

Gambling is not legal in Texas, and efforts to legalize it face great difficulty. However, Miriam Adelson has not hidden her desire to introduce casino games to the Lone Star State.

She pumped more than $2 million last year into a political action committee, called Texas Sands, that made generous donations to state lawmakers and flooded the GOP-controlled Capitol with lobbyists. She separately gave another $1 million to Republican Gov. Greg Abbott.

But the spending blitz has failed to achieve a breakthrough this year in the Texas Legislature, where resistance to casino legalization runs deep.

When asked how active he would be in trying to legalize gambling in Texas, Cuban responded, “As active as necessary, because I think it’s the right thing for the state of Texas.”

“Honestly, I’m not that interested in sports betting,” Cuban said. “If you look at the resorts and casinos, the casino part is tiny, compared to the whole destination. Can you imagine building the Venetian in Dallas, Texas? That would just make a difference.”

Dallas was one of the worst franchises in professional sports in the 1990s, but became one of the best under Cuban leadership, with the help of star forward Dirk Nowitzki, now a Hall of Famer. basketball fame and leader of the team that won the 2011 NBA championship.

A self-proclaimed basketball junkie and Indiana University graduate, Cuban is almost always on the court for Mavericks games. It always will be.

“It’s a partnership,” Cuban said. “They’re not basketball people. I’m not real estate people. That’s why I did it. I could have gotten more money from someone else. I’ve known these guys for a long time. They’re great at this. I’m not good at it.”

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