On Monday, the Dallas Mavericks and the Dallas Stars announced that the two sides have resolved their legal issues regarding the American Airlines Center in a joint statement.
According to the press release, “The Dallas Mavericks and Dallas Stars have reached an agreement that resolves the outstanding matters between the two organizations. American Airlines Center will continue to serve as the home of both teams at least through the 2030–31 season.”
The dispute was over which of the two organizations would run the arena until both vacate for the respective new homes following the 2030-2031 season. The Dallas Stars are slated to relocate to Plano, as they announced earlier this year that they are targeting a $ 1 billion to $3 billion multi-use sports and entertainment district anchored by an arena at The Shops at Willow Bend, according to The Athletic.
“I’d like to thank (Plano Mayor John B.) Muns and the entire Plano City Council for their support, and their approval of our letter of intent and several other items connected to the redevelopment of The Shops at Willow Bend,” Stars chairman Tom Gagliardi said in a statement,
“We look forward to taking the next steps in the journey toward making Plano our new home in 2031.”
“The Shops at Willow Bend has long been in our sights as an ideal location for creating a vibrant destination that blends sports and entertainment, retail, dining, office space and housing,” Steven Levin of Levin Holdings, a real estate development firm that received an incentive agreement as part of the LOI and will work with the Stars and the City of Plano to develop the new district, said in a statement. “It’s an opportunity to reimagine this property as a place where the community can come together and where Plano can continue to grow and thrive.”
Miriam Adelson and Patrick Dumont, who own around 69 percent of the Dallas Mavericks after Mark Cuban sold the majority share of the team a couple of years ago, filed a lawsuit against the Dallas Stars for violating a previous agreement that they would keep their headquarters in the city of Dallas.
Due to the lawsuit, the Mavericks were the controlling party of all revenue, including parking, concessions, and other business benefits that come with the American Airlines Center. A judgment made by a judge gave the Mavericks controlling management of the Arena until the lease was up in five years. The Stars were preparing to appeal the ruling when the agreement between both parties was announced.
As for the Dallas Mavericks, they are scheduled to relocate to the site of the old Valley View Mall in North Dallas.
"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.
"… 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."
The statement also emphasized: "We believe in Dallas, and our priority has been clear from the beginning: keeping the Dallas Mavericks in Dallas."
