The NBA's Board of Governors has given the green signal for the transition of controlling ownership of the Dallas Mavericks from Mark Cuban to the Adelson and Dumont families.
Patrick Dumont, serving as President and COO at Las Vegas Sands, will lead as the Mavericks' Governor posts the anticipated closure of the transaction this week.
This approval comes within a month of the joint announcement by the Adelson family, including Miriam Adelson and Sivan and Patrick Dumont, indicating their intent to purchase the club. The valuation of this purchase is estimated at approximately $3.5bn.
Patrick Dumont, son-in-law of Miriam Adelson and holding a key role at Las Vegas Sands, is set to take the helm as the Mavericks' governor.
There are no indications of relocation for the team from Dallas. Cuban, the former owner, intends to retain control over basketball operations.
Cuban had previously indicated an interest in collaborating with Las Vegas Sands on a larger vision, proposing an arena in downtown Dallas encompassing hotel and casino facilities.
However, the legality of gambling in Texas presents an obstacle to this ambition. Efforts to legalise gambling in the state face resistance, despite advocacy from Miriam Adelson, who actively pursued casino legalisation through political donations and lobbying.
Las Vegas Sands has recently achieved recognition on the Dow Jones Sustainability Indices, for its efforts towards corporate responsibility and sustainability. Moreover, its financial performance, notably in the third quarter of 2023, indicates growth, predominantly driven by the reopening of Macau and enhanced operations in Singapore's Marina Bay Sands.
