Photo: Drumguy8800 / Wikimedia Commons / CC BY-SA 3.0
Patrick Dumont and his wife, Sivan, have bought out Miriam Adelson’s shares of the Dallas Mavericks, making the Dumont family the controlling owners of the NBA franchise with a 69% stake.
The sale was completed last month and announced Tuesday, ESPN first reported, and a Mavericks spokesman confirmed it to The Dallas Morning News. Mark Cuban, who sold the team to the Adelson and Dumont families in 2023 at a $3.5 billion valuation, keeps a roughly 27% stake – and under the terms of that sale, Dumont can buy another 20% from him at the same valuation, something Dumont has said he plans to do.
“We are deeply committed to building a championship team, supporting our fans and growing the organization’s impact in the local community through our investments in the city of Dallas,” the Dumont family said in a statement. “We are very happy with our family ownership and could not be more excited about the future of the Mavericks.”
Dumont, the chairman and CEO of Las Vegas Sands, has served as the Mavericks’ governor since the families bought the team, and Sivan is Adelson’s daughter. He told ESPN the purchase is a long-term investment to keep the team in Dallas, where the franchise is working to build a new arena in North Dallas; its lease at American Airlines Center expires in 2031. “The Dumont family is really committed to building what we hope is the best arena in the NBA,” he said, “a great experience for our fans and inspire our team to win championships.”
Adelson, the majority shareholder of Las Vegas Sands, had minimal involvement with the Mavericks after joining the 2023 purchase. Cuban has said he regrets selling after being pushed out of the team’s basketball and business operations.
JBizNews Desk | Dallas
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