Adelson family confirms it has entered agreement to buy Mavericks from Cuban. What will that mean for fans?

Golden State Warriors v Dallas Mavericks – Game Four

Miriam Adelson, the matriarch of the Adelson family, along with her son-in-law Patrick Dumont — the Sands Corp. president and COO — confirmed in a statement released Wednesday they are in the process of purchasing a majority share of the Dallas Mavericks from current owner Mark Cuban.

The statement reads in part:

“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.

“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…. 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.”

What does this sale mean for the Mavericks and its fans? Let’s explain the deal and what we know right now.

• The Adelson and Dumant families will be the team’s majority owners, with Patrick Dumont serving as the team’s official governor in dealings with the league office.

• Cuban will retain a “significant share” of the franchise and — most importantly to him — continue to have a say over the basketball operations side of the business. Marc Stein summed this up in his Substack newsletter, looking in detail at the sale:

Cuban “has certainly granted more front-office autonomy to general manager Nico Harrison than many initially expected and has likewise relished that Mavericks CEO Cynthia Marshall has run the business side since her arrival in February 2018… League sources say he is determined to operate as a very active partner to the Adelsons on the basketball front while happily letting them focus on the pursuit of TV money, real-estate plays for the franchise, their continued efforts to lobby Texas lawmakers to legalize gambling, etc.,”

• That last sentence explains what this is for the Adelson/Dumont/Sands Corp. side of things — this is about a potential real estate deal for a casino in the greater Dallas area (something Cuban talked about in the…


Source link : https://sports.yahoo.com/adelson-family-confirms-entered-agreement-133418826.html

Author : NBC Sports

Publish date : 2023-11-30 13:34:18

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