Mark Cuban Sells Majority Stake in Dallas Mavericks to Casino Empire Owners

The $3.5 billion deal could potentially influence Texas lawmakers to legalize sports betting and casino-style gambling in the state.

Mark Cuban, owner of the Dallas Mavericks, is selling a majority stake in the team to the Adelson and Dumont families, who own Las Vegas Sands, a casino empire. Cuban will retain control of basketball operations.
The deal, estimated to be worth $3.5 billion, is expected to be finalized by the end of 2023, pending approval from the NBA board of governors.
The purchase could potentially influence Texas lawmakers to support legislation that would legalize sports betting and casino-style gambling in the state, an initiative that Cuban and the Adelsons have previously expressed interest in.
Despite significant financial backing and lobbying efforts, previous attempts to legalize gambling in Texas have faced strong resistance, particularly from Lieutenant Governor Dan Patrick.
Miriam Adelson, a member of the purchasing family, will remain the majority shareholder of Las Vegas Sands Corp. after the deal, and is one of the richest women in the world with a net worth of approximately $32 billion.