DALLAS (AP) \u2014 Mark Cuban sees a future of NBA ownership where the advantages will be in real estate.<\/p>\n\n\n\n
The high-profile billionaire says that\u2019s why he sold his majority stake in the Dallas Mavericks to a pair of families with strong ties to the hotel and casino industry.<\/p>\n\n\n\n
The NBA on Wednesday approved Cuban\u2019s sale of a controlling interest in the Mavericks to the Adelson and Dumont families, who run Las Vegas Sands Corp.<\/p>\n\n\n\n
The deal was approved just shy of a month since Miriam Adelson and Sivan and Patrick Dumont announced their intention to buy<\/u><\/a> the club. The purchase is in the valuation range of $3.5 billion.<\/p>\n\n\n\n <\/a>Patrick Dumont, Adelson\u2019s son-in-law and president and chief operating officer of Las Vegas Sands, will serve as Mavericks governor. Adelson<\/u><\/a> is the widow of casino magnate Sheldon Adelson.<\/p>\n\n\n\n <\/a>Cuban will be the alternate governor with a 27% stake in the club and will maintain control of basketball operations. He made it clear there were no plans for the franchise to leave Dallas.<\/p>\n\n\n\n \u201cThe advantage is what can you build and where and you need to have somebody who\u2019s really, really good at that,\u201d Cuban said before the Mavs\u2019 game against Cleveland on Wednesday night. \u201cPatrick and Miriam, they\u2019re the best in the world at what they do. Literally, around the world.<\/p>\n\n\n\n \u201cWhen you get a world-class partner who can come in and grow your revenue base and you\u2019re not dependent on things that you were in the past, that\u2019s a huge win,\u201d Cuban said.<\/p>\n\n\n\n Miriam Adelson is the controlling shareholder of Las Vegas Sands Corp., a publicly traded Las Vegas company that built the Venetian and Palazzo resorts but now only has casino operations in Macau and Singapore. Sheldon Adelson, the founder of Las Vegas Sands, died in 2021<\/u><\/a> at age 87.<\/p>\n\n\n\n \u201cThrough our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team\u2019s success and legacy in Dallas and beyond,\u201d the Adelson and Dumont families said in a statement. \u201cThe goal is to win and to have a team that proudly represents the greater DFW area and serves as a strong and valuable member of the local community.\u201d<\/p>\n\n\n\n Cuban said when he bought the Mavericks in 2000, he had the advantage of understanding technology. He became a billionaire when the radio internet streaming company he co-founded was bought by Yahoo.<\/p>\n\n\n\n Now, the future of media rights deals is in question. Diamond Sports, the company that owns the regional sports network that carries the Mavericks, is in bankruptcy proceedings.<\/p>\n\n\n\n Cuban said the sale makes revenue from media rights deals much less of a concern for the Mavericks.<\/p>\n\n\n\n \u201cFinancially, we\u2019re in a far better position this afternoon than we were yesterday afternoon to be able to compete like that,\u201d Cuban said.<\/p>\n\n\n\n The 65-year-old insisted he would have final say in the hiring and firing of coaches, and the signing of free agents, \u201cunless we\u2019re going to go hire somebody that cost $300 million a year.\u201d<\/p>\n\n\n\n And Cuban said spending to keep the team competitive won\u2019t be an issue with Patrick Dumont.<\/p>\n\n\n\n \u201cHe basically said, \u2018Just do what you\u2019ve got to do. I want to win,\u2019\u201d Cuban said.<\/p>\n\n\n\n