Dallas Mavericks ownership change vote began Wednesday

The National Basketball Association Board of Governors has begun the process of considering an ownership change for the Dallas Mavericks, multiple sources reported Wednesday.

Miriam Adelson, Las Vegas Sands Corp.’s controlling shareholder, sold $2 billion worth of Sands stock in late November to finance the purchase of a majority share of the team from billionaire entrepreneur Mark Cuban. The Adelson family and not Sands has invested in the basketball team.

The family has indicated that if the team sale is approved, Adelson’s son-in-law, Sands President and Chief Operating Officer Patrick Dumont would join the Board of Governors as the Mavericks’ representative. Cuban would continue as a minority owner of the team and remain in charge of basketball operations.

Representatives of the NBA could not be reached Wednesday to determine how the ownership vote is conducted.

Team owners are called “governors” because the term “owners” is viewed as racially insensitive in a league where the majority of players are Black and majority of owners are white.

The league has said 75 percent of the NBA’s 30 teams — 23 — must favor the deal for it to be approved.

The Board of Governors in July voted 29-1, with New York Knicks owner James Dolan opposed, for the sale of the Charlotte Hornets by former NBA superstar Michael Jordan to a group led by Rick Schnall and Gabe Plotkin. Dolan is also executive chairman and CEO of Sphere Entertainment Co., which operates the Sphere.

When the transaction between Adelson and Cuban was announced, officials said they were targeting Dec. 20 as the date to approve the deal.

Las Vegas Sands in July acquired 108 acres in Irving, Texas, near stadiums where the Texas Rangers and Dallas Cowboys play in Arlington.

A Sands spokesman confirmed that a Sands subsidiary, Village Walk RE 2 LLC, bought the land near the former site of Texas Stadium where the Cowboys played before moving into AT&T Stadium in 2009.

Company officials would not say what the land would be used for, but it’s widely speculated it would become the site for an integrated resort with a casino and an arena for the Mavericks.

“The company has long shown its interest in Texas, and Dallas-Fort Worth specifically, and may make additional real estate investments in the future,” the spokesman said.

There’s plenty of time for the Mavericks to find a new home. The team is committed to playing through 2030 in American Airlines Center, which in April underwent an $18.5 million upgrade in seats and video boards in the arena shared by the Mavericks and the NHL Dallas Stars.

Sands has lobbied Texas lawmakers for years to win approval of casino gambling in the Lone Star State. The Texas Legislature next meets in 2025.

Sands did not disclose terms of the land sale agreement, but Dallas County tax records list the property’s value at $22.4 million.

Cuban told the Dallas Morning News last year that he is interested in partnering with Sands for a new arena within a casino resort.

In a more recent public appearance, Cuban reiterated the need for gaming in Texas.

“When you think of all the places you want to save up to vacation, Texas isn’t one of them,” Cuban told the Morning News. “There’s no real destination that you save up for. That’s a problem and I think resort gaming would have a huge impact.”

The Sands integrated resort model includes convention facility space. Company founder Sheldon Adelson built The Venetian and Palazzo and what is now the The Venetian Expo center, as well as properties in Macao and Singapore that have convention facilities that drive visitation and occupancy at midweek and entertainment and tourism attractions on weekends.

The Review-Journal is owned by the Adelson family, including Dr. Miriam Adelson, majority shareholder of Las Vegas Sands Corp., and Las Vegas Sands President and COO Patrick Dumont.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.