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After more than two decades of owning a majority stake in the Dallas Mavericks, Mark Cuban made a significant move by selling most of his ownership in late 2023. Cuban, known for his active and hands-on approach as an NBA owner, chose to sell to the Las Vegas Sands Corp for an estimated amount near $3.5 billion.
Cuban’s decision to sell the majority of his stake marks a change in his relationship with the Dallas Mavericks, but it’s not a complete departure. He retains a 27% stake in the team, allowing him to retain control over basketball operations. This means he will continue to oversee crucial aspects such as hiring and firing coaches, as well as signing free agents.
The Las Vegas Sands Corp, a business with strong ties to the hotel and casino industry, takes over the remaining ownership duties. Despite the change in ownership, Cuban reassured fans that the Mavericks will stay in Dallas and not relocate to Las Vegas. The sale is seen as a strategic move to bring in fresh income potential and corporate backing to further enhance the team’s success and profitability.
While the specifics of the deal involve Cuban maintaining control over the core operations of the team, the Las Vegas Sands Corp will contribute to the financial aspects, aiming to secure the Mavericks’ position and contribute to their growth in the NBA rankings.