DALLAS — The Adelson family has had advanced discussions about buying a significant share of the Dallas Mavericks, sources told ESPN.
Mark Cuban would remain governor of the franchise and in control of all basketball decisions, according to sources.
The Adelson family is selling almost $2 billion in stock in the Las Vegas Sands Corp., “to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals,” according to an SEC filing.
The Sands group, led by casino magnate Sheldon Adelson’s widow, Miriam, and her son-in-law and company president, Patrick Dumont, has previously had discussions with Cuban about building a casino entertainment district in Dallas that would include a new arena for the Mavericks. Those plans would require gambling to become legal in Texas, for which Cuban has lobbied state politicians.
Cuban has owned the Mavericks since 2000, when he purchased a majority share in the franchise for $285 million.
NBA reporter Marc Stein first reported the Adelson family’s intention to purchase a share of the Mavs.