March 3, 2024

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Miriam Adelson makes play for Texas with Mavericks deal

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A detailed view of the Dallas Mavericks logo on the court during the fourth quarter in Game Four of the 2022 NBA Playoffs Western Conference Finals between the Golden State Warriors and the Dallas Mavericks at American Airlines Center on May 24, 2022 in Dallas, Texas.

Ron Jenkins  | Getty Images

News that Miriam Adelson and her family would sell $2 billion in Las Vegas Sands stock to buy a majority stake in the NBA’s Dallas Mavericks stunned the sports and gambling worlds alike.

After all, Las Vegas is the headquarters of the family’s empire, even if it doesn’t have any casino resorts in the city anymore. Adelson is the widow of Las Vegas Sands founder Sheldon Adelson, who died in January 2021.

And Las Vegas is now a preeminent destination for sports, with the NHL’s Golden Knights, the NFL’s Raiders, the WNBA’s Aces and a Formula 1 Grand Prix. Soon, Major League Baseball’s As are expected to relocate to the desert from Oakland.

Likewise, NBA Commissioner Adam Silver has suggested it’s a matter of when, not if, Vegas gets a team. LeBron James has said he’s interested in bringing basketball to Vegas at some point. Retired NBA legend and former Sacramento Kings minority owner Shaquille O’Neal has also expressed interest in a Vegas team. The city is also set to host the final games of the NBA’s midseason tournament.

An NBA team in Vegas could command a price tag in the $6 billion to $7 billion range, according to Patrick Rishe, director of the sports business program at Washington University in St. Louis.

So why is Adelson and her family throwing billions into a Dallas team?

In a statement to CNBC, they said: “The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise. Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond.”

Patrick Dumont is married to Miriam Adelson’s daughter, Sivan. He is also the president…

2023-11-29 15:09:18

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