From Fortune Magazine:

The NBA has approved the $3.5 billion sale of the Dallas Mavericks to families linked to the late Las Vegas casino magnate Sheldon Adelson. Mark Cuban will keep a minority stake under the new majority ownership, which allows him to retain control of basketball operations.

Billionaire founder of Cost Plus Drugs and Shark Tank host Mark Cuban expressed contentment with the deal as he will maintain control of basketball operations. He acknowledged his lack of knowledge in real estate and hoped the new majority owners would help build revenue.

Cuban believes real estate will be crucial for the success of NBA teams and started thinking about a casino and destination resort linked to the Mavs a few years ago. He sees the new majority ownership arrangement as a way to significantly increase the value of the Dallas Mavericks.

Cuban referenced another deal where the Washington Wizards will move to nearby Alexandria, Virginia, where they would play in a new arena situated near stores, restaurants, and conference space, as well as a performing arts center. Cuban highlighted the importance of “somebody who’s really, really, really good” at real estate.



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