The sale of the controlling interest in the Dallas Mavericks from Mark Cuban to the families of Dr. Miriam Adelson, Sivan Dumont, and Patrick Dumont has successfully been accepted by the Board of Governors of the National Basketball Association (NBA).
A statement issued by the league indicates that Dumont, who is now serving as the President and Chief Operating Officer of Las Vegas Sands Corp., will take on the role of Governor for the Mavericks. It is anticipated that the transaction will be finalized this week.
A month ago, Cuban reached an agreement to sell the majority of his stake in the franchise. According to a person who spoke to The Associated Press under the condition of anonymity because that particular information was not being made public, the agreement would be valued somewhere in the area of $3.5 billion. By virtue of the arrangement, Cuban would continue to have authority over basketball operations.
Miriam Adelson, the widow of casino magnate Sheldon Adelson, became the owner of a firm that recently made an announcement that it will be selling $2 billion of her shares in order to acquire a professional sports team that has not been defined.
According to a statement that was issued by the Adelson and Dumont families in November, “The families are targeting a closing of the transaction by the end of the year, subject to the satisfaction of customary closing conditions and approval of the NBA Board of Governors.”
It had been over a year since Cuban had expressed his desire in forming a partnership with Sands.
