In two-plus years of Miriam Adelson ownership, the Dallas Mavericks have gone to an NBA Finals, made the shocking and widely criticized Luka Dončić-for-Anthony Davis trade and drafted Cooper Flagg with the No. 1 pick after experiencing massive lottery luck.
It’s been a roller-coaster ride. But has it been stomach-churning enough for Adelson and her son-in-law, Mavericks governor Patrick Dumont, to want off it? That doesn’t seem to be the case.
“The family remains excited about the future of the franchise and the Cooper Flagg era,” a source close to Dumont told NBA reporter Marc Stein on Monday in response to a report that minority owner Mark Cuban had interest in partnering with an investment group to buy back a majority stake in the Mavericks.
All indications are that Dumont remains committed to partnering with Dallas to build the Mavericks a new arena within the city limits, which would open when the team’s lease at American Airlines Center expires in 2031. The Mavericks are focused on two potential sites — one downtown and another at the Valley View Center off Interstate 635 in North Dallas — and hope to decide on where they’ll build their new home by July 1, a team spokesperson confirmed.
The Mavericks on Wednesday announced that they are collaborating with Creative Artists Agency to find a new naming-rights partner and strike other corporate sponsorships as they gear up to make a move early in the next decade.
“We have an ambitious vision for the future of the Dallas Mavericks,” Mavericks CEO Rick Welts said in a team statement. “The opportunity ahead of us is significant. CAA Sports brings global expertise, deep industry relationships and a strong track record of delivering transformational partnerships for top echelon sports properties. They are the right teammate as we move into this next chapter.”
Welts is a CAA Sports client, and so is Flagg, who is a top contender to win the NBA’s Rookie of the Year award. Earlier this month, the Mavericks abandoned plans to build around Davis, trading the 10-time All-Star to the Washington Wizards for a collection of expiring contracts, two late first-round picks and three second-round picks. The Mavericks wanted financial flexibility and more draft capital as they sought to reset their roster around the 19-year-old Flagg.
The Mavericks have shared the American Airlines Center with the NHL’s Dallas Stars since 2001. Once both teams’ leases expire at their current home in Dallas’ Victory Park neighborhood, the Mavericks and Stars will go their separate ways.
A legal dispute between the Mavericks and Stars has contributed to the relationship between the teams deteriorating. According to the Dallas Morning News, the Mavericks have alleged that the Stars backed out of a $300 million deal to renovate American Airlines Center, which would have required the Stars to extend their lease at the building until 2061. The Stars have maintained they never agreed to the deal and were of the belief that they agreed to a different arrangement, which would have meant they continued coexisting with the Mavericks at American Airlines Center until 2035.
The Mavericks have maintained for months that they wish to build a basketball-only arena. Welts said in April that the team was in the process of identifying a 30- to 50-acre tract of land large enough to include a new arena and a surrounding entertainment district. The expectation is that Mavericks ownership and the city of Dallas will share the cost of the new arena. Adelson is one of the NBA’s richest owners, with an estimated net worth of $37.9 billion, according to Forbes.
Cuban has said one of the reasons he sold his majority stake in the franchise in December 2023 was that local TV money was drying up, and that revenue stream would need to be replaced by real estate development, which wasn’t his area of expertise.
“When I first bought the team, I knew more about the technology and the internet and all the streaming and everything than anybody else in the NBA,” Cuban said in 2023. “And so I had a real advantage there. Now all of that, 23, 24 years later, that’s not the advantage anymore. … The advantage is what can you build and where? And you need to have somebody who’s really, really, really good at that.”
That’s where Adelson, Dumont and Sands Corporation came in. Sands developed and ran The Venetian casino resort in Las Vegas before selling it in 2022. Sands still controls casino resorts in Macao and Singapore. While Sands views the Dallas-Fort Worth Metroplex as prime territory in which to build another casino resort, Texas lawmakers have so far been resistant to making casino gambling legal in the state.
In October, the Mavericks are scheduled to travel to face the Houston Rockets in a pair of preseason games at The Venetian in Macao.