Mark Cuban Sellling Dallas Mavericks: Adelson family confirms efforts to buy team
Mark Cuban selling majority stake in Dallas Mavs: report
Mark Cuban is reportedly selling his majority stake in the Dallas Mavericks to billionaire Miriam Adelson. The move, coupled with the announcement of his departure from the ABC reality show Shark Tank, has caused people to speculate about his next move.
DALLAS - Following reports on Tuesday that Mark Cuban intended to sell his majority stake in the Dallas Mavericks, the new potential owners issued a statement about the potential sale.
The statement from the Adelson and Dumont family confirms that they have entered into efforts to purchase the Mavericks.
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Miriam Adelson is the fifth-richest woman in the world and widow of casino magnate Sheldon Adelson.
Patrick Dumont is Adelson's son-in-law and President and Chief Operating Officer of Las Vegas Sands Corp.
The effort to buy the Mavericks still needs to be approved by the NBA.
AUSTIN, TEXAS - JANUARY 19: L-R: President and co-owner of the Minnesota Vikings, Mark Wilf and Dr. Miriam Adelson attend The Israeli American Council (IAC) 8th Annual National Summit on January 19, 2023 in Austin, Texas. (Photo by Shahar Azran/Getty
The statement says the family is hopeful that the purchase can be closed by the end of the year.
Read the full statement here:
Statement from the Adelson and Dumont families regarding the Dallas Mavericks:
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 billionaire family said it has no interest in moving the team to Vegas or out of North Texas.
Cuban also denied rumors that the pending sale means he's thinking about running for president.
He has not addressed speculation that the sale is part of his desire to bring a Vegas-style casino and resort to Dallas, along with a new arena for the Mavs.
The transaction will allow Cuban to keep control of the team's basketball decisions.