Michael Jordan to sell majority ownership of Charlotte Hornets, ending 13-year reign.

NBA approves sale of Phoenix Suns, WNBA's Phoenix Mercury to Mat Ishbia.'When you get a world-class partner who can come in and grow your revenue base and you're not dependent on things that you were in the past, that's a huge win,' Cuban said. 'Patrick and Miriam, they're the best in the world at what they do. 'The advantage is what can you build and where and you need to have somebody who's really, really good at that,' Cuban said before the Mavs' game against Cleveland on Wednesday night. He made it clear there were no plans for the franchise to leave Dallas. Adelson is the widow of casino magnate Sheldon Adelson.Ĭuban will be the alternate governor with a 27% stake in the club and will maintain control of basketball operations. Patrick Dumont, Adelson's son-in-law and president and chief operating officer of Las Vegas Sands, will serve as Mavericks governor. The purchase is in the valuation range of $3.5 billion US. The deal was approved just shy of a month since Miriam Adelson and Sivan and Patrick Dumont announced their intention to buy the club. The NBA on Wednesday approved Cuban's sale of a controlling interest in the Mavericks to the Adelson and Dumont families, who run Las Vegas Sands Corp. The high-profile billionaire says that's why he sold his majority stake in the Dallas Mavericks to a pair of families with strong ties to the hotel and casino industry. Mark Cuban sees a future of NBA ownership where the advantages will be in real estate.

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