Sheldon Adelson Family Acquires Dallas Mavericks in Historic Deal

• Daniel Horvat
• January 16, 2024

In a significant shift in the NBA landscape, the Dallas Mavericks, one of the world’s most successful and recognizable sports franchises, has changed hands. The families of Dr. Miriam Adelson and Sivan and Patrick Dumont have acquired a controlling interest in the team, marking the end of an era for Mark Cuban, who has been synonymous with the Mavericks for years.

The Adelson and Dumont families entered into binding purchase agreements to acquire majority ownership and the right to serve as Governor of the Dallas Mavericks. Patrick Dumont, Miriam Adelson’s son-in-law, is the president and chief operating officer of the family’s Las Vegas Sands company, one of the world’s best-known hotel and gaming companies.

The terms of the sale were not immediately disclosed, but it is estimated to be around $3.5 billion. 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 rankings.

In November, Adelson sold $2 billion in Sands stock to finance the acquisition of the NBA team. The Adelson family, not Sands, is investing in the Mavericks.

The Adelson family owns more than half of the New York Stock Exchange-listed gambling empire, Las Vegas Sands, which has casinos in Singapore and Macao. They also owned the Israeli daily newspaper Israel Hayom, the Israeli weekly newspaper Makor Rishon, and the American daily newspaper the Las Vegas Review-Journal. The Adelson family is known for their significant contributions to Republican Party candidates. They also founded the Sheldon G. Adelson Research Clinic in Las Vegas, which treats people for opioid use disorder.

Patrick Dumont is Miriam Adelson’s son-in-law and the President and Chief Operating Officer of Las Vegas Sands Corp.

Despite the sale, Mark Cuban has promised to “stay an active partner” and mentioned that the staff will receive about $35 million-plus in bonuses.

The sale was approved by the NBA Board of Governors in December, and the transaction was expected to close later that week. The deal was unanimously approved by the board of governors. Miriam Adelson, majority shareholder of Las Vegas Sands Corp., is acquiring an estimated 70 percent stake of the NBA team from billionaire Mark Cuban. Cuban will still own 27 percent of the team and remain in charge of basketball operations. The Adelson family said in a statement that it plans to carry over its philanthropic and environmental efforts in Las Vegas to the greater Dallas-Fort Worth area. With Cuban remaining on board, Adelson and Dumont will look to bring the city another professional sports title.

The Adelson and Dumont families released a statement saying that they are honored to have the opportunity to be stewards of this great franchise. “Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond. The goal is to win and to have a team that proudly represents the greater DFW area and serves as a strong and valuable member of the local community.”

Mark Cuban sees a future of NBA ownership where the advantages will be in real estate. The high-profile billionaire says that’s why he sold his majority stake in the Dallas Mavericks to a pair of families with strong ties to the hotel and casino industry. Cuban will be the alternate governor with a 27% stake in the club and will maintain control of basketball operations. He made it clear there were no plans for the franchise to leave Dallas. “When you get a world-class partner who can come in and grow your revenue base and you’re not dependent on things that you were in the past, that’s a huge win”, Cuban said. “Through our commitment and additional investment in the team, we look forward to partnering with the Adelson and Dumont families to build on the team’s success and legacy in Dallas and beyond.”

In the last 30 years, there have been several significant sales of NBA teams. Here are some notable ones:

Los Angeles Clippers: In 2014, Steve Ballmer, the former CEO of Microsoft, purchased the Los Angeles Clippers for $2 billion. This was a record-breaking deal at the time and remains one of the highest prices ever paid for an NBA team.

Brooklyn Nets: In 2019, Joseph Tsai, the co-founder of Alibaba, bought the remaining 51% of the Brooklyn Nets he didn’t already own, bringing the total purchase price to $2.35 billion.

Houston Rockets: In 2017, local businessman Tilman Fertitta bought the Houston Rockets for $2.2 billion.

Utah Jazz: In 2020, Ryan Smith, the co-founder of Qualtrics, purchased the Utah Jazz for $1.66 billion.

Dallas Mavericks: In 2000, Mark Cuban bought the Dallas Mavericks for $285 million. The team was recently sold again to the Adelson family for an estimated $3.5 billion.

Of all these teams, Dallas Mavericks are the only team to win an NBA championship following the sale, and it happened in 2011.