The Adelson and Dumont families have made a statement regarding their stunning acquisition of a majority stake in the Dallas Mavericks from Mark Cuban.
Cuban reportedly agreed to sell a majority stake of the NBA organization to Miriam Adelson, the widow of late businessman Sheldon Adelson, and her son-in-law, Sands Corp. president and COO Patrick Dumont. The Athletic reported the stake to be worth around $3.5 billion.
Adelson noted in a Las Vegas Sands filing earlier on Tuesday that she would sell $2 billion in stock to buy a majority stake in a sports franchise, though what organization it was didn’t get named.
Now, the move is official.
“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 statement from the families to FOX Business read. “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.”
While the families will be the franchise’s governor, The Dallas Morning News reports that Cuban will maintain his operational control over the team.
The deal still needs approval by the NBA’s Board of Governors before it becomes final.
Adelson, 78, owns 400 million shares of Sands, which is valued at $19 billion.
Cuban purchased the Mavericks in 2000 for $285 million from Ross Perot’s group, and has been a prime reason why the team rose to greatness, especially in 2011 when it won its first and only NBA title.
Forbes values the Mavericks around $4.5 billion today.
FOX Business’ Ryan Gaydos contributed to this report.