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Mark Cuban gets NBA approval to sell Dallas Mavericks to Vegas Casino Family – deadline

Buy low, sell high. Marl Cuban just proved that he has mastered this proven investing mantra.

THE Shark tank Not only is the mainstay stepping away from that show after 14 successful seasons, but he has now received approval from the NBA Board of Governors to sell the majority stake in his beloved Dallas Mavericks.

Cuban bought the Mavericks for $285 million in 2000 and is now selling the team for about $3.5 billion. That’s more than $3 billion over the purchase price. And Cuban would keep 27% of the team and may well retain control of basketball operations. A rather interesting affair.

By Yahoo Sports:

Cuban is selling at a time when franchise values ​​are rising (partly based on a new national television broadcast deal starting in 2025 (which is expected to double that national revenue) and likely expansion will bring a flood of cash to the bottom line). teams (via expansion fees) Cuban has expressed concern in the past about the broadcast deal after this one (likely after 2030) and worries about the sports broadcast rights bubble bursting.

Cuban also sells himself at a high level in terms of player personnel. The Mavericks’ current roster, led by all-world point guard Luka Doncic and, to a lesser extent, superstar Kyrie Irving, is the strongest the team has assembled since winning the NBA championship behind great Dirk Nowitzki in 2010-2011. .

The buyer is Las Vegas Sands Corp., owned by the Adelson and Dumont families. Miriam Adelson, widow of casino mogul Sheldon Adelson, announced last month that she was selling $2 billion of her stock to buy a widely regarded sports team like the Mavericks. This is now confirmed. His son-in-law Patrick Dumont is the COO of Sands Corp. and will fill the Mavericks’ seat on the Board of Governors.

Cuban reportedly wanted to partner with The Sands to build an arena, hotel and casino in downtown Dallas. The Sands lobbied Texas state legislators to legalize gambling in the state, which would require changes to the Texas Constitution. (It’s worth noting here that the owner of the Houston Rockets, billionaire Tilman Fertitta, is also active in the gambling business. He owns the Golden Nugget casinos.)

The move reflects a trend that has seen professional sports leagues, long resistant to associations with gambling, embrace betting and form official relationships with sportsbooks. In 2018, the NBA became the first major American sports league to partner with a sports betting operator for legal betting. This agreement made MGM Resorts the exclusive official gaming partner of the NBA and WNBA. In 2021, FanDuel took over these rights.

What also interests Cuban and its new partners is the number of stadiums that now have sports betting, allowing supporters to bet on the match in progress. They include Rocket Mortgage FieldHouse, home of the NBA’s Cleveland Cavaliers; Wrigley Field, where Chicago Cubs fans can bet; and FedExField, home of Washington’s commanders. All of these agreements came into force in 2023.

For Cuban, this is at least his second successful asset sale. In 1999, he sold Broadcast.com to Yahoo for $5.7 billion. Cuban made the deal at the height of the dot-com bubble. At the time, Broadcast.com had approximately 570,000 users, which represented a purchase price of $10,000 per user. Cuban sold most of his Yahoo shares that same year, for more than $1 billion. Yahoo! closed most of its broadcast services division in 2002 and abandoned Broadcast.com.

Just months after the Broadcast.com deal, Cuban used some of his Yahoo money to buy the Mavericks for $285 million.

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