The sale of the Dallas Mavericks from Mark Cuban to the families that run the Las Vegas Sands casino company has been approved by the NBA.
Mark Cuban is expected to maintain control of basketball operations. The team is expected to remain in Dallas. Cuban had wanted to partner with the Las Vegas Sands hoping to have an arena built in downtown Dallas that would also feature a hotel and casino. As of now gambling is illegal in Texas but Miriam Adelson (widow of hotel magnate Sheldon Adelson) has been trying to lobby the state legislature to bring gambling to Texas as she has pumped more than $2 million last year into a political action committee (PAC) called Texas Sand.
The families of Miriam Adelson, along with Sivan and Patrick Dumont run the Las Vegas Sands casino company. Patrick Dumont, Adelson's son-in-law and president and chief operating officer of the Las Vegas Sands company is expected to serve as Mavericks governor.
The purchase is in the valuation range of $3.5 billion.
By - SC
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