Sheldon Adelson

Latest On Potential Mavericks Sale

Sands Corp. president and chief operating officer Patrick Dumont, son-in-law of Miriam Adelson, will be the family’s “foremost member” if their purchase of the Mavericks is approved by the NBA, Marc Stein writes in his latest Substack column.

It’s still not fully clear how much power Mark Cuban will have once he becomes a minority owner, even though it was reported Tuesday that he will continue to run the team’s basketball operations. Stein notes that it’s an unprecedented arrangement, and the Adelson family may want some say in personnel moves once they’re writing the checks.

Stein points out that Cuban has already ceded some decision-making to Nico Harrison, who was hired as general manager in 2021, and CEO Cynthia Marshall, who has been handling business matters since 2018. Even so, Stein found it shocking that Cuban opted to sell the team, considering that he sits near the bench at most games, maintains a visible role in the war room on draft nights, and remains involved in most personnel decisions.

League sources tell Stein that Cuban plans to be “a very active partner” to the Adelsons on basketball matters while letting the family deal with television revenues, real estate ventures and similar issues.

There’s more from Dallas:

  • The Adelson family agreed to purchase the Mavericks with an eye toward legalizing casino gambling in Texas, according to an editorial from The Dallas Morning News. Casino magnate Sheldon Adelson, who has since died, focused on Texas two years ago as the primary spot for expansion, the editorial states. Lobbying money from the Adelson family and other gambling interests has poured into the state, helping to soften any opposition. Cuban is perfect as a “primary stakeholder,” the paper adds, because he has been an advocate for building a casino in downtown Dallas.
  • The Adelson and Dumont families have issued a statement regarding their purchase of the Mavericks, tweets Tim MacMahon of ESPN. “Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond,” it reads in part. “The goal is to win and to have a team that proudly represents the greater DFW (Dallas-Fort Worth) area and serves as a strong and valuable member of the local community.” The families are hoping to close the sale by the end of December.
  • Last year, Cuban cited the Sands Corp. as his ideal partner for a casino and resort destination, per Tim Cato of The Athletic, who notes that the Mavericks can’t leave their current home at the American Airlines Center until their lease expires in 2031.

Mark Cuban To Sell Majority Stake Of Mavs, Retain Control Of Basketball Ops

Mark Cuban is selling a majority stake of the Mavericks franchise but in an unusual arrangement, he’ll retain full control of basketball operations.

The casino tycoon Adelson family is in the process of buying a major share in the franchise, according to Marc Stein (Twitter link). Cuban is selling the majority stake to billionaire Miriam Adelson – widow of late businessman Sheldon Adelson – and the Adelson family for a valuation in the range of $3.5 billion, according to Shams Charania of The Athletic (Twitter link). Cuban bought the Mavericks for $285MM in 2000.

In an SEC filing, Sheldon Adelson’s family said it is selling $1.9 billion in Las Vegas Sands stock to buy a “majority interest in a professional sports franchise.” It also stated that a deal is in place, pending league approval, Eben-Novy Williams of Sportico tweets. The sale of the Mavs would have to be approved by the league’s Board of Governors.

Earlier this year, Mat Ishbia and his group paid $2.28 billion for a 57% stake of the Suns. That’s the equivalent of a $4 billion valuation.

Cuban and the Las Vegas Sands Corporation had already planned to form a partnership to build an arena and casino in the Dallas area if gambling is legalized in Texas, Brad Townsend of the Dallas Morning News notes.

“My goal, and we’d partner with Las Vegas Sands, is when we build a new arena it’ll be in the middle of a resort and casino,” Cuban said last year. “That’s the mission.”

Cuban, 65, is one of the most recognizable owners in any professional sport. He’s got a variety of business ventures and is the star of the TV show “Shark Tank,” though word broke on Monday that he’ll be leaving the ABC show next year.

Bryan Colangelo, Grant Hill, Others Eye Hawks

2:39pm: Itzler is teaming with brokerage firm founder Steven Starker and has “extreme interest,” though he cautioned that it’s just preliminary, as he told Scott Soshnick and Zeke Faux of Vivlamore reported Wednesday (below) that Itzler was seeking only a minority share.

2:22pm: Bryan Colangelo is part of the group with Hill and Bridgeman, Aldridge clarifies (on Twitter).

THURSDAY, 2:19pm: Hill and fellow former player Junior Bridgeman are teaming up to try to purchase the Hawks, with Jerry Colangelo, Bryan’s father, acting a “senior advisor” to them, TNT’s David Aldridge reports (Twitter link). It’s unclear if Bryan is a part of the Hill-Bridgeman group. The Hawks officially put the entire team as well as Phillips Arena up for sale today, the club announced via press release.

WEDNESDAY, 10:29am: Former Suns and Raptors GM Bryan Colangelo, Grizzlies minority owner Steve Kaplan and casino mogul Sheldon Adelson are some of those who’ve expressed interest in purchasing the Hawks, reports Chris Vivlamore of the Atlanta Journal-Constitution. Grant Hill is also in the mix, Vivlamore hears, confirming earlier speculation. The owners of Atlanta’s WNBA team, Kelly Loeffler and Mary Brock, also hold a level of interest in bidding for the Hawks, along with their husbands, Jeffrey Sprecher and John Brock, as they recently told Maria Saporta of the Atlanta Business Chronicle for a subscription-only piece (hat tip to Vivlamore).

Colangelo appeared to be linked to a group of Chicago-based investors who came up short in a bid for the Bucks last year, and he was also reportedly a candidate for Cavs and Pistons front office jobs in the spring. Hawks GM Danny Ferry is on an indefinite leave of absence. Kaplan’s role within the Grizzlies hierarchy reportedly shrunk during the team’s reorganization this past offseason.

Jesse Itzler, whom Grantland’s Bill Simmons identified Monday as a “name to watch” in regard to the sale of the Hawks, is currently interested only in a minority share, sources tell Vivlamore. Simmons also reported that investors Chris Hansen and Thomas Tull are mounting separate bids to buy the team and move it to Seattle, but it appears unlikely they’ll be allowed to relocate the franchise. The NBA’s stance has been that it will only consider moving a team if the market has essentially given up on the club, and that’s not the case in Atlanta, as Steve Kyler of Basketball Insiders points out via Twitter.

Former players Dominique Wilkins, Dikembe Mutombo and Chris Webber, former Grizzlies CEO Jason Levien and attorney Doug Davis are others who reportedly have interest in purchasing the Hawks, though some would probably have to find partners to have control over a majority stake. The three ownership groups who currently own the Hawks have all agreed to sell, and the team is set to officially go on the market in a matter of days, according to Vivlamore. The purchase price is likely to end up on the low end of a range between $750MM and $1 billion, as Grantland’s Zach Lowe reported last week.