Major New Details in Mark Cuban's Dallas Mavs Sale Revealed

The Mavs are soon set to have a new majority owner following Mark Cuban's decision to sell a large percentage of the franchise to the Adelson and Dumont families.

MEMPHIS — The Dallas Mavericks will soon have a new majority owner with the Adelson and Dumont families reportedly buying such a stake from current majority owner Mark Cuban. There is now more information regarding when the transaction could be finalized. 

According to Dallas Morning News, there is a Dec. 20 target date for the sale of the Mavs to gain final approval, with NBA commissioner Adam Silver already notifying the Board of Governors of the details. 

"A person familiar with the sale process told The Dallas Morning News that NBA commissioner Adam Silver last week notified the league’s 30 current Board of Governor members, including current Mavericks governor Mark Cuban, of a Dec. 20 meeting with the expressed purpose of voting on the Mavericks’ sale."

When the Mavs ownership change occurs, Cuban will reportedly maintain control of basketball operations for the foreseeable future in the title of Alternate Governor, while the new ownership will take over the Governor's role.  

Dallas Mavericks Governor Mark Cuban / Jerome Miron-USA TODAY Sports

Dallas Morning News also reported there will be a valuation closer to $3.8 billion in the sale, as opposed to the $3.5 billion figure initially reported by various outlets. There will also only be two stakeholders with the Adelson-Dumont interest in a majority capacity, with Cuban as the only minority owner as a result of the current minority stakeholders selling their interest. The Board of Governors must vote to approve franchise sales, but there aren't expected to be any obstacles in the way of this deal.

The initial reporting of the Mavs' team sale took many by surprise, whether it was longtime fans of the organization or league observers. With a reported goal of building a casino resort-style arena in true Las Vegas Sands fashion emerging, the plan behind Cuban's sale became clear. However, casino gambling and sports betting will become key focuses in Texas, given they remain illegal in the state.

While the sale of the team remains a storyline in the background, a team led by Luka Doncic and Kyrie Irving seeks to contend for its first NBA championship since Dirk Nowitzki led the organization on a successful run in 2011.