Casino czar Miriam in Mavericks saddle

Article posted by Coliseum, January 25^th, 2024

Image: American Airlines Center, Cordey, CC BY 2.0

The National Basketball Association (NBA) Board of Governors approved Mark Cuban’s (the former Principal Owner of the Dallas Mavericks) sale of the controlling interest in the Dallas Mavericks to the casino mogul Miriam Adelson and her family.

‘The Guardian’ stated that Patrick Dumont, Adelson’s son-in-law and the President and head honcho of the Las Vegas Sands Corporation will serve as the Mavericks’ Governor.

New York (US)-based the National Basketball Association (NBA) is a professional basketball league in North America composed of 30 teams. It is one of the major professional sports leagues in the United States and Canada and is considered the premier professional basketball league in the world.

Apply for membership

The NBA Board of Governors is a board made up of one representative from each NBA member. The members appoint a ‘Governor’ or ‘Alternate Governor’ to serve as a member or alternate member of the board.

Mark Cuban is an American businessman, film producer, investor, and television personality. He is the former Principal Owner of the Dallas Mavericks of the National Basketball Association (NBA), Co-Owner of 2929 Entertainment and one of the main ‘sharks’ on the ABC reality television series Shark Tank.

The Dallas Mavericks are an American professional basketball team based in Dallas, Texas (US). The Mavericks compete in the National Basketball Association (NBA) as a member of the Southwest Division of the Western Conference.

The American Airlines Center is a multipurpose indoor arena located in the Victory Park neighborhood in downtown Dallas, Texas (US). The arena serves as the home of the Dallas Stars of the National Hockey League (NHL) and the Dallas Mavericks of the National Basketball Association (NBA).

Miriam Adelson is an American and Israeli physician, philanthropist and political donor. She is also the controlling shareholder of the Las Vegas Sands, the world’s largest casino operator.

The Las Vegas Sands Corporation is an American casino and resort company with corporate headquarters in Paradise, Nevada, United States. It was founded by Sheldon Adelson (former head honcho of Las Vegas Sands) and his partners out of the Sands Hotel and Casino on the Las Vegas Strip. The Sands was demolished and redeveloped as The Venetian, opening in 1999.

‘The Guardian’ further stated that according to earlier reports, Cuban is expected to maintain control of the Mavericks’ basketball operations.

Cuban, 65, who recently announced he was leaving the popular business TV program ‘Shark Tank’ after a 16th season next year, rose to fame quickly after buying the Mavericks in 2000.

The Adelson family’s majority stake is valued at a reported $3.5bn. Forbes’ most recent NBA franchise valuations pegged the Mavericks as being worth $4.5bn, the seventh-most valuable team in the league.

Forbes has also estimated Adelson, 78, as the fifth-richest woman in the world, controlling $32.3bn in wealth. She is the widow of casino magnate Sheldon Adelson.

Adelson is the third woman to be the current Principal Owner of an NBA franchise, joining Jeanie Buss of the Los Angeles Lakers and Gayle Benson of the New Orleans Pelicans.

Cuban said almost a year ago he was interested in partnering with the Sands. He has been a proponent of legalizing gambling in Texas, an issue that did not make it out of the State legislature in a biennial session that ended earlier this year.

Cuban has held a majority stake in the Mavericks since January 2000. He bought the team for $285m. Dallas was one of the worst franchises in pro sports in the 1990s, but turned into one of the best under Cuban, with help from star forward Dirk Nowitzki (German former professional basketball player who is a Special Advisor for the Dallas Mavericks).

The Mavericks won the franchise’s only championship in 2011 with Nowitzki leading the way.

Continue to follow Coliseum for latest updates on venues business news. Coliseum is dedicated towards building the best global community of sports and entertainment venue executives and professionals creating better and more profitable venues.

Become a member of the only Global Sports Venue Alliance and connect with stadiums, arenas and experts from around the world. Apply for membership at coliseum-online.com/alliance and make use of the 365Coliseum Business.

Watch 250 member-exclusive videos with valuable tips for your venue