The NBA Board of Governors started the procedures for billionaire Marc Cuban to offload his majority stake in the Dallas Mavericks.
What Happened: The board gathered to deliberate on the potential sale of the team, which would keep Cuban in a leadership role, CBS News reported on Wednesday. Potential buyers include billionaire casino owners Miriam Adelson and the Las Vegas Sands LVS Casino family.
Cuban is lobbying for a new arena for the Mavericks, which he hopes to pair with a casino resort. Currently, casino and sports betting are not allowed in Texas, although there are ongoing attempts to amend this law.
The potential new owners are linked to an entity that has bought over 100 acres of land near the old Texas Stadium in Irving, as Dallas plans to build a new convention center and entertainment district. The possibility of a casino resort being part of these plans is being speculated.
Despite these developments, Cuban has not publically commented on the sale, sparking discussions about the Mavericks’ future and gambling in Texas.
Why It Matters: Cuban’s intention to hand over the majority ownership of the Mavericks to the Adelson family was confirmed by CNBC sources in November 2023. The Adelson family is unloading $2 billion worth of their stake in Las Vegas Sands Corp to finance the acquisition of a professional sports team.
In December, it was noted that Cuban will retain a 25% stake in the Mavericks, now valued at $4.03 billion, even after the sale to the Adelson and Dumont families. ESPN’s Tim McMahon quoted an insider on the Brian Windhorst podcast saying that Cuban will continue to manage basketball operations indefinitely.
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