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Why did Mark Cuban Sell Dallas Mavericks To Adelson and Dumont Families? All You Need to Know
Cuban is no longer the majority shareholder of the Mavericks, having sold 73% of his team in late 2023. Here’s all you need to know about the reasoning behind his decision.
"And for that reason, I'm out." Billionaire Mark Cuban often said this when he was on Shark Tank. He said something similar to the Dallas Mavericks in November when he suddenly sold most of his share in the team.
Cuban still goes to the games and hangs around the team, but his job isn't quite the same as it was a few months back after he sold his share.
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Is Mark Cuban still the owner of the Mavericks?
Cuban is no longer the majority shareholder of the Mavericks, having sold 73% of his team to Miriam Adelson for $3.5 billion in late 2023.
Even though he sold most of his share, Cuban is still heavily involved with the Mavericks. He still owns 27 percent of the team and kept control over the basketball operations in Dallas under a special deal.
Cuban isn't the president of basketball operations, as Nico Harrison holds that title. However, Cuban had a big role in the daily basketball operations when he owned most of the team and he still has an important role.
If the Mavericks win the Western Conference title, Dumont, not Cuban, will receive the trophy. The same is true for the Larry O'Brien trophy if Dallas wins the NBA championship.
Who owns the Dallas next?
Billionaire Miriam Adelson, a doctor and the widow of casino owner Sheldon Adelson, owns the Mavericks, along with her daughter Sivan and her son-in-law Patrick Dumont.
The Adelson family owns most of Las Vegas Sands, with Patrick Dumont as the president and chief operating officer. He accepted the Western Conference championship trophy last Thursday when Dallas beat the Minnesota Timberwolves.
Forbes says that Adelson and her family are worth $32.3 billion, making her the 44th richest person and the fifth richest woman in the world.
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What is the net worth of the Dallas Mavericks?
According to Forbes, with a worth of $4.5 billion, the Mavericks are the seventh most valuable NBA team.
They are bested by the Golden State Warriors ($7.7 billion), New York Knicks ($6.6 billion), Los Angeles Lakers ($6.4 billion), Boston Celtics ($4.7 billion), Los Angeles Clippers ($4.65 billion), and Chicago Bulls ($4.6 billion).
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Why did Mark Cuban sell the Mavs?
Needless to say, people were surprised when Cuban sold most of his share in the Mavericks. The rumors swirling back then was whether Cuban was going to contend for president. The 65-year-old quickly denied that idea.
Cuban explained in plain words that he'd rather have someone at the helm who could "build." According to him, the Adelson family was the best bet.
"Patrick and Miriam, they're the best in the world at what they do. ... When you get a world-class partner who can come in and grow your revenue base and you're not dependent on things that you were in the past, that's a huge win," Cuban said in December.
Cuban was optimistic that with Dumont in charge of the team, investing in building the best team would not be a problem. He also said that the deal put the franchise in a much better place to finish a media rights deal.
"They're not basketball people. I'm not real estate people. That's why I did it," Cuban said about the Adelson and Dumont families, whom he's known for a while.
While there's no telling what Cuban's real reasons might be, the deal brought home a lot of cash while saving him his stand and voice in the operations. Cuban seems to have a good relationship with Dumont, which seemingly helped him give up full control of the team.
