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NBA, or the National Basketball Association, issued its approval for the American billionaire Mark Cuban to sell a controlling interest in the Dallas Mavericks. It was reported that the permission earned unanimous votes from the basketball association's officials.
Cuban acquired the Dallas Mavericks basketball team in 2000 for $285 million, and now he is selling some stake in the team. It is unclear how much the 65-year-old businessman retains from the team's ownership.
Buyer of the Controlling Interest
As per Fox Business, Cuban's majority stake sale in the Dallas Mavericks team was first divulged last month. It was revealed that he would sell the shares to the families that operate the Las Vegas Sands casino businesses. They belong to the clan of Miriam Adelson and Sivan and Patrick Dumont, and these buyers were confirmed on Wednesday, Dec. 27.
It was reported that the families are buying the majority shares for around $3.5 billion. Adelson already indicated her intention to buy a stake in a "sports franchise" via LAs Vegas Sands' filing in November. The document did not mention a specific team at that time, but the company said Adelson would raise funds to pay for the acquisition by selling $2 billion in stock.
Patrick Dumont is Adelson's son-in-law who is currently serving as president and CEO of Las Vegas Sands Corp. Once the deal is completed, he is expected to serve as the Dallas Mavericks' governor. The NBA said that the transaction is expected to close this week.
Unanimous Vote for Maverick's Sale Approval
NBC5's NBCDFW News reported that Cuban's sale of Mavericks controlling stake to Las Vegas Sands Corporation, led by Adelson and Dumont, earned unanimous votes from the NBA's board. The approval received a 29-0 vote; thus, the sale was carried out without any difficulty.
"The state of Texas has always been friendly to our family, and we look forward to being able to repay that kindness," Adelson said in a statement after the approval. "I am excited to spend time cheering on the team and getting to meet members of its passionate fan base."
Dumont added, "We look forward to working in partnership with Mark Cuban as stewards of this great franchise and bringing another NBA championship to the city of Dallas."
Photo by: RMTip21/Flickr(CC BY-SA 2.0)
