Dallas, Texas - Billionaire entrepreneur and Dallas Mavericks owner, Mark Cuban, has sold his majority stake in the NBA franchise to the Adelson and Dumont families. The Adelsons have ties to the hotel and casino industry, running Las Vegas Sands Corp. The sale, approved by the NBA on Wednesday, is valued at approximately $3.5 billion.

The announcement of the sale came just under a month after Miriam Adelson and Sivan and Patrick Dumont expressed their intention to purchase the club. Miriam Adelson, the controlling shareholder of Las Vegas Sands Corp., is the widow of casino magnate Sheldon Adelson who passed away in 2021 at the age of 87.

Under the deal, Patrick Dumont, who serves as the president and chief operating officer of Las Vegas Sands, will assume the role of Mavericks governor while Cuban will retain a 27% stake in the club and continue to maintain control over basketball operations. This partnership aims to leverage the expertise of the Adelson and Dumont families in real estate and enhance the team's revenue base.

Cuban emphasized the advantage of having partners who excel in real estate development and revenue generation. He expressed confidence in the Adelsons' ability to drive growth and stated that there are no plans to relocate the franchise from Dallas. Cuban believes that partnering with world-class professionals will secure the Mavericks' success both locally and internationally.

The sale also provides financial stability for the Mavericks amid uncertainties surrounding future media rights deals. The bankruptcy proceedings of Diamond Sports, the company that owns the regional sports network broadcasting Mavericks games, have raised concerns. However, Cuban expressed optimism, stating that the sale improves the team's financial position and alleviates worries about media rights revenue.

Furthermore, Cuban mentioned that the financial backing of Patrick Dumont will enable the team to remain competitive and focused on winning. Dumont is fully supportive of Cuban's vision for the Mavericks' success and has entrusted him with making the necessary decisions to achieve it.

While gambling remains illegal in Texas with limited prospects for legalization, Miriam Adelson's interest in bringing casino gambling to the state is well-known. Adelson's involvement in political action committees and lobbying efforts indicate her dedication to the cause. Cuban shares a similar sentiment, emphasizing the potential positive impact of destination resorts and casinos, such as the Venetian, on the local economy.

Under Cuban's ownership, the Mavericks went from being one of the worst franchises in the 1990s to becoming one of the best, highlighted by their 2011 NBA championship win with star forward Dirk Nowitzki. Cuban's passion for basketball and his understanding of technology have played a significant role in the team's success. He reassured fans that despite the ownership change, he will continue to attend games and be actively involved in the franchise.

As the Adelson and Dumont families take the helm of the Dallas Mavericks, there is anticipation for continued growth and success. The partnership between these entrepreneurs from the real estate and casino industries is expected to bring fresh perspectives and opportunities to the franchise, solidifying its position as a valuable member of the greater DFW area.