Mark Cuban sells majority stake of the Dallas Mavericks to Miriam Adelson to support Sports Betting

November 30, 2023
November 30, 2023

In a significant development for the NBA and the Dallas Mavericks, former owner Mark Cuban has agreed to sell a majority stake in the team to Miriam Adelson. The NBA confirmed this transaction in a statement, revealing that binding purchase agreements have been reached with the Adelson and Dumont families, granting them majority ownership and the right to serve as the Governor of the Dallas Mavericks.

Mark Cuban, who initially purchased the Mavericks for $235 million, is set to see substantial returns from the sale, estimated at an impressive $3.5 billion. Notably, Cuban will retain control over the basketball operations, allowing him to continue shaping the team's future.

A proponent of the sports betting industry, Mark Cuban has larger aspirations for Texas. Shams Charania reported that Cuban envisions the construction of a new arena in Dallas, alongside the establishment of a casino district. This ambitious plan aligns with Cuban's longstanding advocacy for sports betting in the state.

The new majority owners, the Adelson and Dumont families, bring a unique perspective to the table. With ownership of the Las Vegas Sands, their entry into the NBA ownership realm places Mark Cuban in a direct partnership with the casino industry. This strategic move could potentially influence the landscape of sports betting in Texas.

The intersection of a casino owner acquiring an NBA team opens up intriguing possibilities for the legalization of sports betting and resort gambling in Texas. Mark Cuban's vision, coupled with the influence of the Adelson and Dumont families, may play a pivotal role in shaping the future of sports entertainment and gaming in the state.

As the Dallas Mavericks undergo this ownership transition, all eyes will be on Mark Cuban and his plans for the team, the proposed new arena, and the potential impact on the broader sports and entertainment landscape in Texas. The convergence of basketball and the casino industry could herald a new era for both the Mavericks and the state's approach to sports betting.