LAS VEGAS, Nev. (FOX5) – The NBA Board of Governors has approved the sale of the controlling interest in the Dallas Mavericks from Mark Cuban to the families of Dr. Miriam Adelson and Sivan and Patrick Dumont.
According to a release from the league, Dumont, President and Chief Operating Officer of Las Vegas Sands Corp., will serve as the Mavericks’ Governor. The transaction is expected to close this week.
Cuban agreed to sell his majority stake in the team last month. The agreement would be in the valuation range of $3.5 billion, according to a person who spoke to The Associated Press on condition of anonymity because that detail was not being made public. Cuban would retain control of basketball operations in the deal.
The company controlled by Miriam Adelson, widow of casino magnate Sheldon Adelson, announced that it was selling $2 billion of her shares to buy an unspecified professional sports team.
“The families are targeting a closing of the transaction by year-end, subject to the satisfaction of customary closing conditions and approval of the NBA Board of Governors,” said a statement released by the Adelson and Dumont families in November.
Cuban said almost a year ago he was interested in partnering with Sands.
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