NBA okays sale of Dallas Mavericks to Miriam Adelson

A deal of particular significance, the change of ownership of the Dallas Mavericks, one of Texas’ most prominent professional sports teams and NBA franchise, has finally been confirmed, brushing away speculation which began back in November when Miriam Adelson confirmed that she is moving in on the franchise and that the Adelsons had entered into an agreement with Cuban.

Mark Cuban, the current owner, has got the go-ahead from the NBA Board of Governors to push forward with the $3.5bn deal with Ms Adelson, widow of the late Sheldon Adelson, and her family.

The transaction is closing this week, with Cuban most likely maintaining control over the team’s basketball operations. Patric Dumont, Adelson’s son-in-law, is going to step in as Mavericks’ governor, however.

This sale is interesting as it has been coming on the tail of growing fondness between Cuban and the Adelsons. The Adelsons have been pushing for the legalization of gambling in Texas, and hoping to bring casino resort the like of which are currently available in Las Vegas, Nevada.

They have found a strong supporter in Cuban who is of a similar mind that a move like that would benefit the state’s tourism, snuff out the black market, and boost tax windfall. While the idea of legalizing gambling has enjoyed a warm reception in the private sector and by individuals such as Cuban, most legislators have given the issue a cold shoulder.

Lobbying is afoot, though, and Texas, a holdout state as it is, is likely to eventually find the appeal of regulated gambling. More needs to be done. Miriam Adelson’s efforts to find more traction with lawmakers have cost the company $2m so far, and while her family has chosen to push the matter through the conventional business channels fit for a business empire, Cuban has been the heart of the issue, speaking openly about the benefits the Lone Star would gain by choosing to go-ahead with legalizing sports gambling.

Adelson is also said to have given $1m to Gov. Gregg Abbot in a bid to continue swaying good political will for future projects. However, for the immediate future, residents of Texas may need to wait until 2025 for anything to change as the next legal session won’t be until two years from now.

This may have put a damper on most businesses’ hopes for immediate gain, but the gambling market in the Lone Star is ripe for the taking and Cuban and Adelson are not very likely to give up on their original idea.

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