The NBA Board of Governors has unanimously approved the sale of the Dallas Mavericks to the Adelson and Dumont families of the Las Vegas Sands Corporation. All 29 other teams voted in favor of the sale, which valued the Mavericks at $3.5 billion. The ultimate team valuation is expected to be between $4 billion to $5 billion when factoring the Sands’ financial pledge to build a new arena.
Mark Cuban agreed to sell his majority stake in the franchise while retaining 27 percent ownership and control of basketball operations.
The parties hope to eventually build a new arena with a hotel and casino in Dallas.
