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And for that reason, I’m out.
Billionaire Mark Cuban used that line regularly when appearing on “Shark Tank” — and he essentially dropped it on the Dallas Mavericks in November when he abruptly sold his majority stake in the franchise.
Might he now be having seller’s remorse?
Cuban remains a minority shareholder and is in full control of basketball operations, but the Mavs’ newest owners could be in line for a very early return on their investment. Winning a championship certainly provides a nice boost in value.
The Mavs will take on the Boston Celtics in Game 1 of the NBA Finals on Thursday night, with the team’s new owners, Miriam Adelson and her family, four victories away from capturing a title just months after purchasing the team.
Here’s everything you need to know about the owners of the Mavericks.
Who owns the Dallas Mavericks?
The Mavericks are owned by billionaire Miriam Adelson, a physician who is the widow of casino magnate Sheldon Adelson, and Sivan and Patrick Dumont, Adelson’s daughter and son-in-law.
The Adelson family are majority shareholders in Las Vegas Sands, with Patrick Dumont serving as president and chief operating officer of the company. He, as team governor, accepted the Western Conference championship trophy last Thursday when Dallas defeated the Minnesota Timberwolves.
Forbes estimated that Adelson and her family have a net worth of $32.3 billion, making her the 44th-richest person and the fifth-richest woman in the world.
The NBA’s Board of Governors approved the sale of the controlling interest in the organization from Mark Cuban to the families in January 2024.
“The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise,” the families said in a statement after the purchase. “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.”
How much did the Dallas Mavericks sell for?
Mark Cuban confirmed to NBC Dallas-Fort Worth in November that he agreed to sell his majority stake in the Mavericks for $3.5 billion.
Las Vegas Sands Corp., which built the Venetian and Palazzo resorts but now only has casino operations in Macau and Singapore, revealed the sale of $2 billion in stock amid the purchase of the Mavs.
“We have been advised by the selling stockholders that they currently intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise … subject to customary league approvals,” the company said in the SEC filing.
How much are the Dallas Mavericks worth?
The Mavericks are the seventh-most valuable franchise in the NBA at $4.5 billion, according to the most recent valuations released by Forbes.
They trail only the Golden State Warriors ($7.7 billion), New York Knicks ($6.6 billion), Los Angeles Lakers ($6.4 billion), Boston Celtics ($4.7 billion), Los Angeles Clippers ($4.65 billion) and Chicago Bulls ($4.6 billion).
Did Mark Cuban sell the Dallas Mavericks?
Mark Cuban has been the owner and face of the Mavericks since he paid $285 million for the franchise in 2000.
He sold the team earlier this year for $3.5 billion.
Under the unusual sale arrangement, Cuban maintains a 27% ownership stake in the Mavs and remains in control of basketball operations.
Why did Mark Cuban sell the Mavs?
Cuban, who owned the Mavericks when they won their lone championship in 2011, sold to a family with ties to the hotel and casino industry because he sees future advantages in NBA ownership in real estate.
“It’s a partnership,” Cuban said in December. “They’re not basketball people. I’m not real estate people. That’s why I did it. I could have gotten more money from somebody else. I’ve known these guys for a long time. They’re great at the things I’m not good at.”
The Dallas Morning News reported that Cuban had hoped to partner with the Adelson family to build a new arena and casino adjacent to the new convention center in Dallas.
“The advantage is what can you build and where and you need to have somebody who’s really, really good at that,” Cuban said in December. “Patrick and Miriam, they’re the best in the world at what they do. Literally, around the world.
“When you get a world-class partner who can come in and grow your revenue base and you’re not dependent on things that you were in the past, that’s a huge win,” Cuban added.
Gambling isn’t legal in Texas, and efforts to legalize it face steep odds. Still, Miriam Adelson has made no secret of her push to bring casino gambling to the Lone Star State.
She pumped more than $2 million last year into a political action committee, called Texas Sands, which donated lavishly to state legislators and swarmed the GOP-controlled Capitol with lobbyists. She gave an additional $1 million separately to Republican Gov. Greg Abbott.
But the spending blitz failed to deliver a breakthrough this year in the Texas Legislature, where resistance to legalizing casinos runs deep.
Asked how active he would be in trying to get gambling legalized in Texas, Cuban said, “As active as I need to be because I think it’s the right thing for the state of Texas.”
Adding to Cuban’s desire to sell was the state of the company that owns the regional sports network that carries the Mavericks’ games. Diamond Sports is in bankruptcy proceedings.
Cuban said the sale makes revenue from media rights deals much less of a concern for the Mavericks.
“Financially,” Cuban said at the time of the sale, “we’re in a far better position this afternoon than we were yesterday afternoon to be able to compete like that.”