Mark Cuban’s famous line, “And for that reason, I’m out,” might have echoed in his mind when he sold his majority stake in the Dallas Mavericks in November. But with the team’s continued success, especially their journey to the NBA Finals, the new owners could see a significant return on their investment. Let’s delve into the details of the Mavericks’ ownership and valuation.
Who Owns the Dallas Mavericks?
The Dallas Mavericks are now primarily owned by Miriam Adelson, a billionaire physician and the widow of casino magnate Sheldon Adelson, along with Sivan and Patrick Dumont, Adelson’s daughter and son-in-law.
Miriam Adelson and her family are the majority shareholders in Las Vegas Sands, where Patrick Dumont holds the position of president and chief operating officer. Dumont even accepted the Western Conference championship trophy when the Mavericks triumphed over the Minnesota Timberwolves.
Forbes estimates Adelson and her family’s net worth at $32.3 billion, ranking her as the 44th richest person and the 5th richest woman globally. The NBA’s Board of Governors officially approved the sale of the controlling interest from Mark Cuban to the Adelson and Dumont families in January 2024.
The Adelson and Dumont families expressed their honor in a statement, emphasizing their commitment and investment to build on the team’s success and legacy in Dallas and beyond in partnership with Mark Cuban.
How Much Did the Dallas Mavericks Sell For?
Mark Cuban confirmed that he agreed to sell his majority stake in the Mavericks for $3.5 billion.
Las Vegas Sands Corp. revealed the sale of $2 billion in stock amid the purchase of the Mavs. The company said the net proceeds from this offering, along with additional cash, would fund the acquisition of a majority interest in a professional sports franchise, pending customary league approvals.
How Much Are The Dallas Mavericks Worth?
According to Forbes’ most recent valuations, the Dallas Mavericks are the seventh-most valuable franchise in the NBA, with a staggering worth of $4.5 billion.
They are behind the Golden State Warriors ($7.7 billion), New York Knicks ($6.6 billion), Los Angeles Lakers ($6.4 billion), Boston Celtics ($4.7 billion), Los Angeles Clippers ($4.65 billion) and Chicago Bulls ($4.6 billion).
Did Mark Cuban Sell the Dallas Mavericks Entirely?
Mark Cuban, who acquired the Mavericks for $285 million in 2000, sold the team earlier this year for $3.5 billion. However, in a unique arrangement, Cuban retained a 27% ownership stake and continues to oversee basketball operations.
Why Did Mark Cuban Sell the Mavs?
Cuban sold to a family with strong ties to the hotel and casino industry, foreseeing future opportunities in NBA ownership related to real estate.
“It’s a partnership,” Cuban explained. “They’re not basketball people. I’m not real estate people. That’s why I did it. I could have gotten more money from somebody else. I’ve known these guys for a long time. They’re great at the things I’m not good at.”
Cuban hoped to collaborate with the Adelson family to construct a new arena and casino adjacent to the new convention center in Dallas.
He emphasized that having a world-class partner who can enhance the revenue base provides a significant advantage.
While gambling remains illegal in Texas, Miriam Adelson has been actively pushing to legalize casino gambling in the state, investing heavily in political action committees and lobbying efforts.
Cuban also mentioned that the sale alleviates concerns about revenue from media rights deals for the Mavericks, given the bankruptcy proceedings of Diamond Sports, the company that owns the regional sports network broadcasting the team’s games.
In summary, the Dallas Mavericks are now worth $4.5 billion, marking a significant increase from when Mark Cuban first purchased the team. The sale to Miriam Adelson and her family for $3.5 billion reflects the franchise’s value and potential, while Cuban’s continued involvement ensures a blend of basketball expertise and business acumen.
