Mark Cuban is holding onto about 25 percent ownership of the Dallas Mavericks after selling a portion to the Adelson and Dumont families. Despite the Mavericks being appraised by Sportico at $4.03 billion, Cuban sold the stake at a valuation of $3.5 billion.
The new ownership group aims to influence Texas legislation to legalize gambling within the state. Their ambitious plans include constructing a new arena in Dallas, integrated with a hotel and casino.
In an unconventional arrangement, Cuban is set to continue overseeing the basketball operations of the franchise indefinitely as part of the deal.
