The first local to experience the Adelsons’ hardball brand of business up close and personal was Mark Cuban, who actually thought he’d still call the basketball shots after taking his share of their $3.8 billion.
Now the Stars are feeling the heat, too.
Moral: Careful who you get into bed with.
Before Vegas came to Dallas, the Mavs and Stars got along fitfully, but they managed. No one seemed offended that the location of the Stars’ headquarters outside city limits violated the terms of the co-tenant agreement. Brad Alberts told The Dallas Morning News this week in a terrific piece of reporting by Brad Townsend and Lia Assimakopoulos that the Stars didn’t even realize they were in the wrong.
Mavericks
They know now.
Because of the terms of the breach, the Mavs apparently have the Stars in a vise. Not only do the Mavs get to make all the decisions about what to do with American Airlines Center until 2031, when the lease is up, they get to play landlord.
The Stars don’t like acknowledging the breach and accepting the terms, but, unless they’ve got the Lincoln Lawyer on retainer, what are they going to do? The Mavs have tens of millions in escrow that would normally go to the Stars.
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Tom Gaglardi’s worth billions, but even he can’t walk away from that bag of cash. Barring some fancy legal maneuvering, the Stars will eventually just have to go along until they can move to the suburbs once the lease is up.
And, make no mistake, they’re going. Just like the Mavs will vacate AAC, too. Unless the Wings are interested, AAC will be a ghost. Pretty much like the building across the street from the Globe in Arlington.
Before getting emotional about the prospects, take a look at the national landscape. Only 10 cities – Dallas, Los Angeles, Denver, Washington D.C., Detroit, New York, Toronto, Boston, Chicago and Philadelphia – operate arenas that house both NHL and NBA franchises. Some industry analysts estimate that, within 10 years, Madison Square Garden, mother of all arenas, might be the only venue remaining with dual tenants.
On the other hand, these things are fluid. Consider Philly and D.C., both at least a year ahead of Dallas in terms of satisfying their tenants. Capital One Arena, built in 1997, is scheduled to undergo $515 million in improvements after Virginia attempted to poach the Capitals and Wizards. Philadelphia has agreed to build a new arena for both the 76ers and Flyers to replace Wells Fargo Center, built in ’96.
AAC, built in 2001 for $420 million, was state of the art at the time. But, as any teen can tell you, it’s been a minute. There’s apparently millions in deferred maintenance alone. Kinda like City Hall. Seems like everyone’s just waiting for I.M. Pei’s top-heavy design to fall on its face like an overserved patron.
Might even make it a swell site for a new arena if it did.
Critics also cite AAC’s poor sight lines for basketball and hockey; below-par concessions; and a lack of amenities for high-rent customers. Chase Center, the Warriors’ new digs, and the Intuit Dome, home of the Clippers, lap the AAC in opulence alone.
As it is, there’s no amount of fixing AAC that’ll suit both tenants. Or the relationship, for that matter. Given the Mavs’ strong-arm tactics, chances of the Stars agreeing to cohabitate long-term are nil. Not that the Mavs will lose any sleep over it.
Cuban wanted a new home solely for his basketball team even before Vegas got involved. The city has come down on the side of the Mavs because of the NBA’s stronger pull. Also because the Adelsons have sworn to build within the city limits, and they’ve got the wherewithal to develop anything to go with it.
Especially if, say, the lieutenant governor were to retire and the money the Adelsons are putting into politicians’ coffers paid off with a casino/arena bonanza.
Miriam Adelson and her son-in-law, Patrick Dumont, didn’t buy the Mavs to give Dumont a hobby. Dumont likes his front row seat, but Texas is an untapped gold mine for gambling. Pairing a casino with an arena might make it go down easier with Texans who’d otherwise find the prospects distasteful.
Frankly, it’s only a matter of time before the state cashes in. Money wears down will. The Adelsons have more than enough of both.
Just the same, even if it’s inevitable and maybe even the thing to do doesn’t mean you don’t get a little nostalgic for the way the Mavs used to be.
Some of us remember the former hell-raiser who, first, got religion, then took the fortune he made with his mother in the family business to start up an expansion franchise in Dallas. Cost Don Carter a cool $12 million. He was a sweetheart. His wife, Linda, baked cookies for the players. When a guy who’d eventually become a reality TV star bought the team, we thought the big time had come to Dallas. Turns out Cuban had no idea who the real sharks were. Of course, neither did we.
Twitter/X: @KSherringtonDMN
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