Mark Cuban selling majority stake of Dallas Mavericks to Adelson family
DALLAS - Dallas Mavericks owner Mark Cuban is working on a deal to sell a majority stake of the team to Miriam Adelson and Patrick Dumont.
Who is buying the team?
Adelson is the controlling shareholder of Las Vegas Sands Corporation, which built the Venetian and Palazzo resorts. She took over after the death of the former CEO, her husband Sheldon.
Adelson and her son-in-law, Las Vegas Sands Corp. president and COO Patrick Dumont shared a statement with CBS News Texas regarding the Mavericks purchase Wednesday evening.
"The Adelson and Dumont families have entered into binding purchase agreements to acquire majority ownership and the right to serve as Governor of the Dallas Mavericks.
"The families are targeting a closing of the transaction by year-end, subject to satisfaction of customary closing conditions and approval of the NBA Board of Governors.
"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.
"The goal is to win and to have a team that proudly represents the greater DFW area and serves as a strong and valuable member of the local community.
"We believe that with this partnership and our commitment to the team, the community and the fans, the future is bright for the Dallas Mavericks."
The company revealed the sale of $2 billion in stock in a Securities and Exchange Commission filing that states: "We have been advised by the Selling Stockholders that they currently intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals."
If the entirety of the $2 billion goes towards this purchase, it would mean Adelson could get at least 57% of the Mavericks based on the $3.5 billion dollar valuation.
Cuban not commenting
Cuban has not spoken publicly on the sale, but reports say he would stay in charge of basketball operations.
He was at the American Airlines center Tuesday night, where the Mavericks were taking on the Houston Rockets. Cuban looked very focused on the game as he cheered on the team.
The near $3.5 billion dollar deal would take some time since the vetting process for new owners in the NBA typically takes several weeks, after which the league's board of governors would need to grant approval.
Almost a year ago, Cuban said he was interested in partnering with the Adelson family — as he's been a supporter of legalizing gambling in Texas, which the state legislature has not yet passed.
Cuban also said last year he wanted to build a new arena in downtown Dallas that would also be a casino resort.
Making history with the Mavericks
Cuban has been the owner of the mavericks since 2000. That's when he bought the team from Ross Perot Jr. for $285 million. At the time, the team wasn't winning a whole lot of games.
Cuban even admitted at the time that he didn't know anything about basketball.
Nonetheless, the team moved into the American Airlines Center in 2001 and with the help of Dirk Nowitizki, won its first NBA championship in 2011.
Beyond the Mavericks, Cuban has made strides with the WNBA's Dallas Wings. He hired Dallas Mavericks CEO Cynt Marshall in the wake of the NBA club's scandal over a hostile workplace for women.
Cuban said his team's relationship with the Wings was "minimal" before he hired Marshall five years ago. Now Marshall has season tickets to the Wings and is one of the catalysts for a landmark jersey patch partnership.
Cuban recently shared that he'll be leaving "Shark Tank" after the entrepreneur series' 16th year.