Mark Cuban’s agreement to sell the majority of the Dallas Mavericks has been approved by the NBA’s Board of Governors with each of the other 29 team owners voting in favor of the move.
The Adelson and Dumont families of Las Vegas Sands Corp will take over the majority of control of the franchise with Patrick Dumont (Sands Corp’s COO) owning a 73% stake, according to longtime NBA reporter Marc Stein.
Cuban will maintain a 27% stake in the team and it was previously reported that he will maintain control of basketball operations.
The valuation of the sale is estimated to land between $4 billion and $5 billion. The new ownership group has also promised to bring a new arena.
The deal is expected to be finalized and closed this week. Per Brad Townsend of the Dallas Morning News, there are still documents that need to be signed and money still needs to be transferred to Cuban and the team’s five current minority stakeholders (each of the five are being bought out in the deal). Townsend also reports that without the arena considerations, the valuation of the franchise comes in between $3.8 billion and $3.9 billion.
Cuban purchased the Mavericks in 2000 for $285 million. The franchise has won three division titles and made the playoffs on 18 occasions, including 12 straight to begin Cuban’s tenure as team owner. The franchise also won a championship behind Dirk Nowitzki in 2011. Before Cuban’s arrival, the Mavericks only made the playoffs on six occasions.
*This post has been updated to include the statement from the new team owners of the Dallas Mavericks.
