Dallas Mavericks Hire CEO at Helm of Stadium Development

A conversation over six hours reshaped Rick Welts’ plans for retirement, bringing him back into the NBA fold, in a hire that indicates plans for a stadium development for the Dallas Mavericks.

The Dallas Mavericks hired Welts, a Naismith Basketball Hall of Famer with a storied 46-year career, as CEO starting Jan. 1, the Dallas Business Journal reported.

Casino mogul Patrick Dumont, who is governor and co-owner of the Mavericks, convinced Welts to join the organization during discussions about reshaping the franchise’s future.

Welts’ resume speaks volumes. His tenure with the Golden State Warriors marked one of the most significant transformations in sports history. Under his leadership, the Warriors soared from mediocrity to a $9.14 billion powerhouse, clinching three NBA championships and five consecutive Finals appearances between 2015 and 2019.

Dumont described Welts as “among the most successful executives in the history of the NBA.”

Central to Welts’ role is the Mavericks’ vision for a new arena. Their lease at the American Airlines Center expires in 2031, and Dumont has proposed a casino resort in partnership with Las Vegas Sands. Gambling is still illegal in Texas, but the Mavericks ownership’s political donations indicate that could change in the next legislative session.

Welts’ expertise in spearheading the $1.4 billion Chase Center for the Warriors makes him uniquely suited to guide the stadium development, the Dallas Business Journal reported.

When billionaire Mark Cuban sold a majority stake of the Dallas Mavericks to the Adelson family, he intended to separate himself from the organization’s real estate development plans while still retaining a minority ownership stake and continuing to oversee basketball operations.

The Adelson family, which includes Miriam Adelson, the owner of Las Vegas Sands Corporation and widow of Sheldon Adelson, now owns the controlling interest in the franchise. Shortly before investing $3.5 billion to secure this stake, an affiliated entity acquired 108 acres in Irving, potentially earmarked as the site for the proposed stadium development.

With Casino wealth backing the development of a possible new stadium, Dumont — Adelson’s son-in-law — has big hopes for the franchise’s growth in North Texas.

“To have the opportunity to build something that’s transformational doesn’t come along very often but when it’s there, to take advantage of it, it’s great,” Dumont said.

The Mavericks, valued at $4.46 billion, have already achieved recent success with a trip to the NBA Finals in 2024 and a strong 17-9 start to the current season. Welts will inherit a team poised for growth, led by international star Luka Dončić and Dumont’s strategic focus on international markets, including fostering NBA relations with China.

“The NBA has the most unbelievable growth opportunity any sport has ever had, and there’s no reason this team shouldn’t stand toe-to-toe with any franchise in sports,” Welts said.

— Andrew Terrell