The vetting process for new owners in the NBA typically takes at least several weeks, and then approval must be granted by the league’s Board of Governors.Ĭuban also said late last year he wanted to build a new arena in downtown Dallas that would also be a casino resort, if Texas does legalize gambling. “We have been advised by the selling stockholders that they currently intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise … subject to customary league approvals,” the company said in the SEC filing. The family also owns Nevada’s largest newspaper, the Las Vegas Review-Journal. The 78-year-old Adelson, who is a medical doctor, will retain 51.3% of company shares following the sale, according to the filing. The Adelson and Dumont family would also have the right to serve as governor of the Mavericks.
Given the $2 billion stock sale figure, along with the cash addition, it would mean Adelson could be acquiring at least 57% of the NBA team based on the $3.5 billion valuation.
