Dallas Mavericks owner Mark Cuban agreed to sell a majority of his NBA club to the family of Miriam Adelson, widow of the late GOP donor and casino magnate Sheldon Adelson, officials said Wednesday.
“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,” according a statement released by the NBA on behalf of the prospective new owners.
Patrick Dumont is Miriam Adelson’s son-in-law and now serves as the president and chief operating officer of the family’s Las Vegas Sands company.
The terms of the sale were not immediately disclosed.
“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,” according to the family statement.
The prospective new owners would be in control of the NBA’s seventh most valuable franchise, which is worth about $4.5 billion, according to the most recent Forbes rankings.
Only the Golden State Warriors, New York Knicks, Los Angeles Lakers and Clippers, Boston Celtics and Chicago Bulls have higher estimated value.
The Mavericks have won the NBA title once, in 2011, and are one of the league’s most recognizable teams, thanks in part to Cuban’s big persona.
“The Dallas Mavericks are one of the world’s most successful and recognizable sports franchises,” according to the prospective new owners. “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.”
This is a developing story. Please check back for updates.
