Mark Cuban’s sale of his majority ownership stake in the Dallas Mavericks to the Adelson family has officially been approved, the NBA announced on Wednesday after a vote by the Board of Governors.
The move officially installs Dr. Miriam Adelson as the controlling owner and Patrick Dumont, Adelson’s son-in-law and president and CEO of the Las Vegas Sands Corporation, as the team’s governor. As previously reported, Cuban will remain a minority owner of the team and continue to have a role in basketball operations.
“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,” an official news release read. “Mr. Dumont, President and Chief Operating Officer of Las Vegas Sands Corp., will serve as the Mavericks’ Governor. The transaction is expected to close this week.”
Last week, news broke that the Board of Governors was nearing a decision, and the sale was expected to be approved with at least 22 of the 29 representatives supporting the deal, completing a month of uncertainty for the franchise.
The team has said it is eyeing a move from the American Airlines Center into its own arena once its lease ends in 2031, and many expect a casino to be included with the new venue as long as casino gambling becomes legal in Texas.
A site for the team’s future home has not been determined, but it is expected to stay in Dallas, despite the recent discovery of an Irving land purchase by an entity tied to the Sands company.