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[Saba Sports News] Mark Cuban has transitioned to a minority ownership role with the Dallas Mavericks. According to veteran NBA writer Marc Stein, the NBA Board of Governors has unanimously approved Cuban’s sale of his majority stake in the Mavericks by a 29-0 vote.
This change elevates the Adelson and Dumont families of Las Vegas Sands Corp. to the position of majority owners, holding a 73 percent stake in the team. Cuban will maintain a 27 percent stake and the title of alternate governor. Patrick Dumont, son-in-law of Miriam Adelson and COO of Sands Corp., will assume the role of the team’s formal governor.
Cuban, who had been the majority owner since 2000, finalized the sale of his majority stake last month, valuing the team at $3.5 billion. Despite the shift in ownership, Cuban will continue to oversee the Mavs’ basketball operations as part of the agreement.
The Adelson and Dumont families, known for their involvement in the Vegas casino industry, expressed their eagerness to collaborate with Cuban. Cuban’s decision to sell a significant portion of his stake, despite being one of the most recognizable owners in sports, aligns with his broader vision for the Mavericks, a vision he hopes to realize in partnership with the Adelson and Dumont families.