Mark Cuban backs down after Mavericks owner responds to his demands over $1bn Dallas arena battle

Mark Cuban has withdrawn his lawsuit against Mavericks’ Patrick Dumont over the Dallas Mavericks arena plan.

The billionaire and Mavs owner Patrick Dumont have clashed over a potential site for a new arena.

AFP

Per Front Office Sports, “Cuban filed a petition in Texas state court last month aimed at obtaining information he claims could show that Dumont unlawfully cut him out of opportunities.”

Cuban, worth a reported $6bn, sold his stake to Dumont and the Adelson family in 2023 and claimed the former has an obligation to keep him updated on a potential purchase of about 104 acres at the former Valley View Mall site in Dallas.

Dumont hit back with his own filing in July.

“Mr Cuban has demanded that he be involved in the option process,” it said. “Because of the nature of the Valley View Option, there is no current business opportunity to present to Mr. Cuban or petitioners. This fact has been communicated to Mr. Cuban.”

According to The Athletic, Cuban’s lawyers withdrew the Rule 202 Petition earlier this week.

“It defies belief that the Valley View Options are ‘purely exploratory,’” Cuban’s reportedly lawyers wrote in a notice of nonsuit that was filed Monday in the Texas Business Court.

“But straining to trade a public hearing for a shroud of secrecy, Arena Development Intermediate, LLC finally revealed what it had concealed: its corporate structure, ultimate ownership, and affiliate status. ADI’s disclosure confirms it is working with … Patrick Dumont and its other associates to violate Petitioners’ rights.”

Per The Athletic: “Judge Bill Whitehill of the Texas Business Court dismissed the motion ‘without prejudice’ and cancelled the arbitration hearing involving Cuban’s Radical Hoops and Dumont’s ADI that was scheduled for Friday.”

Dumont took over as the team’s governor and also holds a position as COO of the family business.

He is the son-in-law of Miriam Adelson, a Las Vegas casino magnate who’s late husband Sheldon amassed a fortune as the founder of Las Vegas Sands.

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Miriam has a majority stake in the Mavs, and has an estimated net worth of $36 billion, making her the 48th richest person in the world.

Cuban thinks he sold the Mavs to the wrong people and even tried to help a consortium buy the team back.

“I regret who I sold to,” he told the Intersections podcast in March. “I made a lot of mistakes in the process, and I’ll leave it at that.”

A month later, he told Front Office Sports about his failed attempt to get back involved with the team.

“I was like, ‘Look, if you can get them to sell, I would be more than happy to contribute my equity, et cetera, et cetera, and help.’ But I didn’t expect that to materialize,” he revealed.

“I told them I didn’t think it would happen, that I didn’t think the Adelsons had any interest in selling. And they don’t.”

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More recently, Cuban invested in the MLB and the Las Vegas-bound Athletics and expressed an interest in buying part of the NFL’s Dallas Cowboys.

Dallas Mavericks building for future

The Mavs — valued at $5.1 billion by Forbes — currently play at American Airlines Center, which is also home to the NHL‘s Stars.

But both teams are looking to move out by 2031.

A downtown relocation to the site which currently situates City Hall was considered, but the Valley View Mall option seems to be the frontrunner with the arena and surrounding mixed-use district predicted to cost over $1 billion.

“After seriously studying and considering several options, while working closely with the City of Dallas to identify possible locations for a new Dallas Mavericks arena and entertainment district, the Mavericks organization has entered into option agreements for the potential purchase of approximately 104 acres at the former Valley View Mall site,” the team confirmed in June.

“We have appreciated the enthusiasm from the Dallas City Manager, elected officials and the broader community to keep the team in Dallas. We look forward to continuing the collaboration toward that goal.

“The Valley View site meets most of the criteria established at the outset of our evaluation process. It is our goal to stay in the City of Dallas, and we believe this site provides the strongest opportunity to achieve that goal.

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“We have the opportunity to create a vibrant mixed-use destination anchored by a state-of-the-art arena, along with restaurants, entertainment options, public green spaces and family-friendly experiences. Done thoughtfully and with community engagement, a project of this scale will serve as a meaningful economic catalyst for Dallas and its residents.

“We believe in Dallas, and our priority has been clear from the beginning: keeping the Dallas Mavericks in Dallas.”