Despite the potential acquisition, Mark Cuban, the current owner of the franchise, is expected to remain as the governor, retaining control over all basketball-related decisions.
The proposed agreement is estimated to value the Dallas Mavericks at $3.5 billion. However, finalizing the deal and gaining league approval is anticipated to be a time-consuming process, with The Associated Press reporting that it could take several weeks.
According to an SEC filing, the Adelson family is actively involved in the transaction and intends to sell about $2 billion in Las Vegas Sands Corp. stock to pay for the majority interest acquisition of a professional sports franchise, subject to customary league approvals.
If the entirety of the $2 billion is allocated to the Mavericks' purchase, it suggests that the Adelson family could acquire at least 57% of the NBA team, based on the $3.5 billion valuation.
The vetting process for new owners in the NBA typically takes several weeks, with final approval required from the league's board of governors.
Miriam Adelson, a medical doctor and widow of casinomagnate Sheldon Adelson, is identified in the SEC filing along with the Miriam Adelson Trust as the sellers. The Adelsons have previously engaged in discussions with Mark Cuban about developing a casino entertainmentdistrict in Dallas, including a new arena for the Mavericks. These plans, however, are contingent on the legalization of gamblingin Texas, an issue Cuban has actively lobbied for with state politicians. Mark Cuban is walking while people are sitting.
Mark Cuban, who has owned the Mavericks since 2000, expressed his intention to sell a majority stake in the franchise but retain shares and full control of basketball operations.
This unique arrangement would position Cuban as a rare owner who sells a majority share but remains in command of the team's basketball decisions.
Success has characterised Cuban's ownership, including an NBA championship in 2011, and he has been a prominent figure both on the sidelines and in the front office.
The potential sale to the Adelson family raises questions about the team's future direction under new ownership.
The Adelsons, descendants of the country's wealthiest casino magnate Sheldon Adelson, are purchasing the Mavericks. The Miriam Adelson Trust and Adelson himself are part of a consortium that controls 57% of the casino operator Las Vegas Sand Corp.
With her approval, Adelson would join Jeanie Buss of the Los Angeles Lakers and Gayle Benson of the New Orleans Pelicans as the only womento hold the position of main owner of an NBA franchise.
Matan Adelson also acquired Hapoel Jerusalem earlier this year, making this their second basketball team acquisition of the year.
Now that the Mavericks haven't reached that mark, the seeming continuous value ascent for NBA franchises comes to a stop with this trade. In terms of population, Dallas ranks ninth, while the Dallas-Fort Worth metro area is the fifth-largest media market in the nation.
The Adelson family is in advanced talks to purchase a significant share of the Dallas Mavericks from current owner Mark Cuban.
While the potential $3.5 billion deal is under discussion, Cuban is expected to retain governance and control over basketball decisions.
The Adelsons' involvement in the transaction, coupled with previous discussions about a casino entertainment district in Dallas, adds intrigue to the future of the franchise.
As the NBA approval process unfolds, the unique arrangement could make Mark Cuban one of the few owners selling a majority stake while maintaining influence over basketball operations.
The outcome will shape the next chapter for the Dallas Mavericks under potential new ownership.