DALLAS— The NBA on Wednesday approved the sale of Mark Cuban's majority stake in the Dallas Mavericks to the families who run the Las Vegas Sands casino company.
The agreement was approved just a month after the families of Miriam Adelson and Sivan and Patrick Dumont. The purchase is in the valuation range of $3.5 billion.
Patrick Dumont, Adelson's son-in-law and president and chief operating officer of the Las Vegas Sands company, will be the Mavericks' governor. Adelson is the widow of casino magnate Sheldon Adelson.
Cuban is expected to maintain control of basketball operations and there is no indication the club will leave Dallas.
“The state of Texas has always been friendly to our family and we hope we can reciprocate that kindness. I am excited to spend time cheering on the team and getting to know members of its passionate fan base,” Adleson said in a statement released by the team.
“We look forward to working in partnership with Mark Cuban as stewards of this great franchise and bringing another NBA championship to the city of Dallas. We are committed to the long-term success of the Mavericks and providing a world-class hospitality experience for our fans. , players, employees, sponsors and partners,” Dumont said in the statement.
Cuban has said he wanted to partner with Las Vegas Sands with a long-term plan to build a stadium in downtown Dallas that would also include.
Gambling is not legal in Texas and efforts to legalize it face. Earlier this month, Texas Lt. Gov. Dan Patrick told CBS News Texas political reporter Jack Fink that there isn't enough support among Republicans in the state Senate.
Still, Miriam Adelson has made no secret of her push to bring casino gaming to the Lone Star State.
Last year he pumped more than $2 million into a political action committee, called Texas Sands, that donated generously to state lawmakers and packed the GOP-controlled state Capitol with lobbyists. He gave an additional $1 million separately to Republican Gov. Greg Abbott.
But the spending blitz failed to make a breakthrough this year in the Texas Legislature, where resistance to casino legalization runs deep.
Texas already has a billionaire NBA owner and casino operator, Houston Rockets owner Tilman Fertitta, who also supports bringing casinos to his home state, but has seen lawmakers shoot down the idea year after year.
The news of the sale of the Mavs brokehours after Las Vegas Sands announced that Adelson was selling $2 billion of his stock to buy an unspecified professional sports team.
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