Adelson buys downtown Dallas property in Mavs deal
When the Adelson and Dumont families acquired a majority share of the Dallas Mavericks last month, they also bought real estate near downtown Dallas that holds the team’s practice facility.
A person familiar with the deal said the acquisition of more than a dozen acres in the Dallas Design District occurred with the $3.8 billion acquisition of an approximately 70 percent stake in the team.
The NBA Board of Governors in December approved the sale, which leaves former owner Mark Cuban with a 27 percent stake in the team and control of the Mavericks’ basketball operations. There are no plans to relocate the team from Dallas, both Adelson and Cuban have said.
County tax records say the downtown land is worth $42.9 million.
Miriam Adelson, the majority shareholder of Las Vegas Sands Corp., acquired the stake in the National Basketball Association team from billionaire entrepreneur Cuban, who since early 2000 has been the majority owner of the Mavericks. He purchased the team from businessman and politician H. Ross Perot for $285 million.
Companies set up by Cuban have owned the downtown properties since 2016. Cuban once considered using the property for a new arena for the team.
In July, Las Vegas Sands acquired 108 acres in Irving, Texas, near stadiums where the Texas Rangers and Dallas Cowboys play in Arlington.
At the time, a Sands spokesman confirmed that a Sands subsidiary, Village Walk RE 2 LLC, bought the land near the former site of Texas Stadium where the Cowboys played before moving into AT&T Stadium in 2009.
“The company has long shown its interest in Texas, and Dallas-Fort Worth specifically, and may make additional real estate investments in the future,” the spokesman said.
There’s plenty of time for the Mavericks to find a new home. The team is committed to playing through 2030 in American Airlines Center, which in April underwent an $18.5 million upgrade in seats and video boards in the arena shared by the Mavericks and the NHL Dallas Stars.
Sands has lobbied Texas lawmakers for years to win approval of casino gambling in the Lone Star State. The Texas Legislature next meets in 2025.
Sands did not disclose the terms of the land sale agreement, but Dallas County tax records list the property’s value at $22.4 million.
Adelson and her daughter, Sivan Dumont and son-in-law Patrick Dumont, the president and chief operating officer of Sands, and not the company itself are invested in the basketball team.
Adelson confirmed in November that she was selling $2 billion in Sands stock to finance the acquisition.
Patrick Dumont is now the Mavericks’ representative to the Board of Governors with Cuban serving as an alternate.
The Review-Journal is owned by the Adelson family, including Dr. Miriam Adelson, majority shareholder of Las Vegas Sands Corp., and Las Vegas Sands President and COO Patrick Dumont.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.