US National Basketball Association (NBA) has granted approval for entrepreneur Mark Cuban to sell a controlling stake in the Dallas Mavericks sports team. Cuban finalized the deal with the families managing the prominent Las Vegas Sands (LVS) casino, Dumont and Adelson.
While retaining a minority stake in the sports franchise, Cuban's deal involves Las Vegas Sands Chief Operating Officer Patrick Dumont assuming the role of the team's managing director. Contrary to speculations, the basketball club will not relocate from Dallas to Las Vegas.
Las Vegas Sands has filed a petition seeking the legalization of casinos in the US state of Texas. In November, Miriam Adelson, one of the world's wealthiest women, announced the sale of approximately $2 billion worth of shares (about 10% of her stake) in the operator. With these proceeds, she acquired the Dallas Mavericks from Mark Cuban.
