Mark Cuban and the Dallas Mavericks used to be inseparable. For over two decades, if you saw a Mavs game, you saw Cuban. He was the guy screaming at refs, sitting baseline in a faded t-shirt, and basically acting like a superfan who just happened to have the keys to the building. Then, late in 2023, the sports world got rocked.
The news dropped like a lead pipe: Cuban was selling. People were stunned. Why now? And more importantly, how much did Mark Cuban sell the Mavericks for in a market that seems to be inflating faster than a balloon in a vacuum?
The Price Tag That Shook the NBA
Let’s cut to the chase. Mark Cuban sold his majority stake in the Dallas Mavericks at a valuation of roughly $3.5 billion.
Now, when we say "valuation," it gets a little technical, but honestly, it’s pretty straightforward. The Adelson and Dumont families, the titans behind the Las Vegas Sands casino empire, didn't just hand him a check for $3.5 billion and tell him to get lost. They bought a majority chunk—specifically around 73% of the team.
The math is wild. Cuban bought the team back in 2000 for $285 million. Think about that. Even after taxes and the various costs of running a pro sports franchise, the guy walked away with a profit that most people can’t even wrap their heads around. We’re talking about a more than 10x return on investment over 23 years.
Who Exactly Bought the Team?
The buyers weren't just some random investment group. We’re talking about Miriam Adelson and her son-in-law, Patrick Dumont.
Miriam is the widow of Sheldon Adelson, the man who built the Venetian and basically turned the Las Vegas strip into what it is today. She’s one of the wealthiest women on the planet. To fund the deal, she actually sold off about $2 billion in Sands stock. That’s how serious this was.
Patrick Dumont is now the guy wearing the "Governor" hat for the Mavericks. He’s the one sitting in the big meetings at the NBA offices. While he’s been pretty vocal about his love for the game lately, he’s a casino and real estate guy at heart.
Why Did Cuban Give Up the Reins?
You might wonder why a guy who clearly loved owning a team would ever let go. Cuban’s always been the smartest guy in the room, or at least he tries to be. He saw the writing on the wall.
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The NBA is changing. It’s not just about ticket sales and TV deals anymore. It’s about real estate and "destination" entertainment. Cuban admitted he wasn't the guy to build a $2 billion casino-resort-arena complex. He didn't want to "get an education" on real estate development at 65 years old.
By partnering with the Adelsons, he basically hitched his wagon to the biggest casino developers in the world. His logic? If they build a massive casino/arena district in Dallas (assuming Texas ever legalizes gambling), the value of his remaining 27% stake could skyrocket. He’s betting that 27% of a $10 billion or $20 billion "entertainment destination" is worth way more than 100% of a standalone basketball team.
The Handshake Deal That Went Sour
Here is where it gets kinda messy. When the deal was first announced, everyone—including Cuban—said he would keep "full control" of basketball operations.
It was a weird setup. Usually, when you spend $3.5 billion on something, you want to be the one picking the curtains, or in this case, the players. Cuban claimed he had a handshake agreement to stay in charge.
But as we saw throughout 2024 and 2025, that "control" was a bit of a mirage. The NBA actually doesn't like it when a minority owner has total autonomy; they want the person with the most money at risk to be the one making the calls. Slowly but surely, the new regime took over. By the time the massive Luka Dončić for Anthony Davis trade rumors started swirling in early 2025, it was clear that Patrick Dumont and GM Nico Harrison were the ones driving the bus, not Cuban.
What Most People Get Wrong About the Sale
A lot of fans think Cuban just quit. That’s not really it. He’s still a fixture at the games, and he’s still got hundreds of millions of dollars tied up in the team.
Another misconception is that the $3.5 billion was "low." Some experts at the time, like the folks at Forbes, had the Mavs valued closer to $4.5 billion. People asked: did Cuban leave a billion dollars on the table?
Maybe. But you have to look at the "hidden" value. The Adelsons brought something Cuban didn't have: the political and financial muscle to try and change Texas law. If they succeed in bringing gambling to the Lone Star State, that "discounted" sale price will look like a masterclass in long-term thinking.
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Key Details of the Deal:
- Total Valuation: ~$3.5 Billion
- Majority Buyers: Miriam Adelson & Patrick Dumont (Las Vegas Sands)
- Cuban’s Retained Stake: ~27%
- Approval Date: Unanimously approved by NBA Board of Governors on Dec 27, 2023.
- The "Why": Shift toward casino-resort integration and real estate development.
What This Means for the Future of the Mavs
If you're a fan, the vibe is definitely different now. The "Cuban Era" was defined by a loud, tech-forward, player-friendly owner who was always in the mix. The "Adelson/Dumont Era" feels much more corporate.
They are focused on the long game. They’ve already been buying up land around the American Airlines Center and in Irving. They want a "Venetian Dallas."
Honestly, the era of the "hobbyist" owner is ending. The NBA is now a playground for multi-billion-dollar conglomerates. Cuban saw it coming and cashed out at the top, while still keeping a seat at the table. It was a classic "Shark" move.
Actionable Insights for Sports Business Followers
- Watch the Texas Legislature: The true value of this deal depends on gambling legalization. Keep an eye on Austin; that's where the Mavs' next $5 billion will be made or lost.
- Monitor Minority Stakes: Cuban’s 27% is a massive lesson in "retaining upside." If you ever sell a business, keeping a piece of the "new" version can often be more lucrative than the initial exit.
- Real Estate is King: Professional sports teams are becoming anchors for real estate developments. If you’re looking at team valuations, look at the land they own, not just the roster they field.
The Mavericks are no longer just a basketball team. They are the centerpiece of a massive, multi-billion-dollar real estate play. Mark Cuban didn't just sell a team; he pivoted into a new industry without having to do the heavy lifting himself.