The NBA has approved the sale of the controlling interest in the Texas-based sports franchise the Dallas Mavericks by entrepreneur Mark Cuban to the families that run Las Vegas Sands.
According to reports the purchase price is in the range of $3.5 billion and the deal is expected to close this week.
Mark Cuban will still maintain a minority stake in the sports franchise, while Las Vegas Sands Chief Operating Officer, Patrick Dumont will serve as the governor of the team. Cuban is expected to stay in control of basketball operations.
Despite speculation, it appears the sports club is not going to leave Dallas and relocate to Las Vegas.
LVS has long been petitioning to legalize casinos in the US state of Texas, with Cuban expressing interest to partner with the company to develop an arena in downtown Dallas – including a casino and hotel.
In a statement about the acquisition, the Dumont and Adelson families noted that “The goal is to win and to have a team that proudly represents the greater DFW (Dallas-Fort Worth) area and serves as a strong and valuable member of the local community”.
The Adelson family held a majority stake in LVS before the announcement of the Mavericks acquisition, which Miriam Adelson (widow of LVS founder Sheldon Adelson) facilitated with the sale of $2 billion shares in the gaming company – about 10 percent of her stake in Las Vegas Sands.
LVS is not the only casino-linked company to push for legalized gambling in Texas, with billionaire Houston Rockets owner Tilman Fertitta – behind the Golden Nugget Hotel and Casino group – also supporting previous attempts at legalization.
