NBA Board of Governors approve sale of Mavericks

Thanks to the approval from the NBA Board of Governors on Wednesday, Dr. Miriam Adelson and Sivan and Patrick Dumont have finalized the acquisition of the controlling ownership interest in the Dallas Mavericks.

“The state of Texas has always been friendly to our family, and we look forward to being able to repay that kindness,” Dr. Adelson said. “I am excited to spend time cheering on the team and getting to meet members of its passionate fan base.

“Everywhere we have a business presence, our top priority has been to empower our team members and engage with the local community in a meaningful way.  I very much look forward to bringing that same commitment to Dallas and the greater DFW area.”

The Adelson and Dumont families purchased the majority stake in the Mavs from Mark Cuban, who was governor of the Mavs starting on Jan. 4, 2000 after he purchased the team from Ross Perot Jr. for $285 million.

“It’s a great partnership,” Cuban said. “It’s what the team needed on the court and off. I’ll still be overseeing the basketball side of it.

“But having a partner like Patrick and Sivan and Miriam and their ability to build and re-develop the arena and whatever comes next beyond that, puts us in a much better position to compete.”

Dr. Adelson is a philanthropist and medical expert in the fields of internal medicine and emergency medicine and is also the majority shareholder of global hospitality, entertainment and gaming company, Las Vegas Sands,” according to a statement release by the Mavs. “Mr. Dumont is the company’s president and chief operating officer and a member of its board of directors.

The Adelson family has a long history of owning and operating businesses that serve as model employers and strong community partners. Las Vegas Sands has consistently been recognized by outside organizations as one of the world’s leading companies based on its business success, employee satisfaction and community engagement.

“We are honored to be the new majority owners of the Dallas Mavericks and part of the NBA family,” said Mr. Dumont, who will serve as the governor of the Mavs. “We appreciate the faith the NBA and its Board of Governors have placed in us.

“Our family loves basketball, and we plan to display our passion for the sport by owning and investing in a world-class basketball organization that wins games and proudly represents its community.”

Cuban said the stars were aligned and this was the right thing to do at this time.

“They’re not basketball people,” Cuban said. “I’m not real estate people. That’s why I did it.

“I could have gotten more money from somebody else. Obviously, I’m really excited about everything, but this is a great partnership. I’ve known these guys for a long time. They’re great at the things I’m not good at, all the things I said before. Because this is what I love to do. I’m also a realist, and also I’m self-aware. I know what I’m good at.”

The Adelson and Dumont families also know what they’re good at.

“We look forward to working in partnership with Mark Cuban as stewards of this great franchise and bringing another NBA championship to the city of Dallas,” Mr. Dumont said. “We are committed to the long-term success of the Mavericks and delivering a world-class hospitality experience for our fans, players, employees, sponsors and partners.”

According to the press release, Las Vegas Sands has consistently been recognized by outside organizations as one of the world’s leading companies based on its business success, employee satisfaction and community engagement.

Las Vegas Sands is a Fortune 500 company that employs more than 35,000 people and, by market capitalization, is the most valuable company in its industry.  The company redefined business and leisure tourism through the development of destination resorts that feature upscale hotel accommodations, expansive retail offerings, casual and fine dining, meeting and convention facilities, spa and fitness amenities, casino gaming and large live entertainment venues.

“When I first bought the team, I knew more about the technology and the internet and all the streaming than anybody else in the NBA,” Cuban said. “So, I had a real advantage there. Now, all that, 23, 24 years later, that’s not the advantage anymore. Now, you see other teams doing, you saw what the (Washington) Wizards just did.

“The advantage is what can you build and where and you need to have somebody who’s really, really good at that. Patrick and Miriam, they’re the best in the world at what they do. Literally, around the world. 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. They’re good people. They’re committed to Dallas. They’re committed to winning. They’ve got great hearts. I’ve known them forever. It was a great partnership.”

X: @DwainPrice