NBA approves Mavericks' multibillion-dollar sale
The NBA on Wednesday approved the Dallas Mavericks’ sale to the Adelson and Dumont families.
The league said the transaction is expected to close later in the week.
"The NBA Board of Governors has approved the sale of the controlling interest in the Dallas Mavericks from Mark Cuban to the families of Dr. Miriam Adelson and Sivan and Patrick Dumont," the NBA said in a statement.
CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM
"Mr. Dumont, president and chief operating officer of Las Vegas Sands Corp., will serve as the Mavericks’ governor."
Reports indicated last month that Mavericks team owner Mark Cuban would sell a majority stake in the team with the intention of running the basketball side of the business.
Adelson said in a Las Vegas Sands filing in November she would sell $2 billion in stock to buy a majority stake in a sports franchise. But no franchise was named in the filing despite it saying there was a "binding purchase agreement."
PISTONS SET MISERABLE NBA RECORD WITH 27TH STRAIGHT LOSS
Soon after, Sportico reported that Cuban was going to sell to Adelson. The Athletic reported the deal would be worth around $3.5 billion and that Cuban would keep shares in the team and run basketball operations.
Cuban bought the team in 2000 for $285 million from Ross Perot’s group. According to Forbes, the team is now valued at around $4.5 billion. Mat Ishbia bought the Phoenix Suns and the WNBA’s Phoenix Mercury from Robert Sarver for $4 billion in December 2022. That deal was approved in February.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Adelson, 78, owns around 400 million shares of Sands worth $19 billion.