The sale of the Dallas Mavericks is a done deal.
It was a unanimous vote by the NBA Board of Governors today and now the Las Vegas Sands Corporation is the majority owner of the Dallas Mavericks.
Mark Cuban remains a minority owner, now owning just 23% of the team. He'll retain full operational control, an agreement that was written into the sale.
The deal was approved just shy of a month after the families of Miriam Adelson and Sivan and Patrick Dumont announced their intention to buy the club, according to the Associated Press.
Patrick Dumont, Adelson’s son-in-law and president and chief operating officer of the Las Vegas Sands company, will serve as Mavericks governor. Adelson is the widow of casino magnate and conservative political mega-donor Sheldon Adelson.
According to reports, the sale is believed to be the largest cash transaction in NBA history with no debt service. The team is valued between $3.8 and $3.9 Billion.
Cuban has been insisting the team will stay in Dallas, but the new owners have purchased more than 100 acres of land near the former Texas Stadium site in Irving, fueling speculation a new Mavs arena could be built there.
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