Despite Wednesday’s approval of the sale of the controlling interest of the Mavericks, Mark Cuban will continue running the franchise’s basketball operations, saying, “Nothing’s really changed except my bank account.”
DALLAS — Mark Cuban beamed about forming a “great partnership” hours after the NBA board of governors approved the sale of the controlling interest of the Dallas Mavericks to the families that run the Las Vegas Sands casino company, a deal that will allow Cuban to continue running the franchise’s basketball operations.
The deal was approved Wednesday, just shy of a month after the families of Miriam Adelson and Sivan and Patrick Dumont announced their intention to buy the club. The purchase is at a valuation in excess of $4 billion, sources told ESPN.
“Nothing’s really changed except my bank account,” Cuban said after wrapping up his 3-point shooting session on the American Airlines Court about 2½ hours before Wednesday night’s game against the Cleveland Cavaliers. “I feel really good. I think it’s a great partnership. It’s what the team needed on the court and off. I’ll still be overseeing the basketball side of it, but having a partner like Patrick and Sivan and Miriam and their ability to build and to redevelop the arena and whatever comes next beyond that just puts us in a much better position to compete. That’s all. That’s what it comes down to.”
Adelson is the widow of casino magnate Sheldon Adelson. Patrick Dumont, Adelson’s son-in-law and president and chief operating officer of the Las Vegas Sands company, will serve as the Mavericks governor.
“The state of Texas has always been friendly to our family, and we look forward to being able to repay that kindness. I am excited to spend time cheering on the team and getting to meet members of its passionate fan base,” Adelson said in a statement. “Everywhere we have a business presence, our top priority has been to empower our team members and engage with the local community in a meaningful way. I very much look forward to bringing that same commitment to Dallas and the greater DFW area.”
Cuban will maintain a 27% stake of the Mavericks’ ownership and serve as the team’s alternate governor. He acknowledged that there is “no contractual language” in the purchase agreement regarding his authority over basketball operations and that ultimately Dumont would have “final say” as the team’s governor.
However, Cuban’s expectation is the Dumonts and Adelson will focus on the franchise’s business interests, which prominently include a long-term plan of building an arena that would include a resort hotel and casino.
