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Davis, who in 2015 was estimated to be worth US$500 million (A$645m), is already the principal owner and managing general partner of the NFL's Las Vegas Raiders.
His purchase of the Aces, who finished top of the 2020 WNBA regular season but fell to Seattle Storm in the Finals, has been unanimously approved by both the WNBA and NBA Board of Governors.
“On behalf of the WNBA, I am pleased to welcome Las Vegas Raiders Owner Mark Davis to the WNBA family at a time when the momentum for the league has never been higher,” said Engelbert.
“We are confident that Mark’s business successes, franchise and brand expertise, and passion for supporting women’s basketball will take the team to even greater heights.
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Davis, whose new team boasts reigning WNBA MVP A'ja Wilson, was delighted with this step forward.
“I’d like to thank WNBA Commissioner Cathy Engelbert, NBA Commissioner Adam Silver, and the WNBA and NBA Board of Governors for their unanimous vote of confidence in accepting me as the owner of the Las Vegas franchise of the WNBA," Davis said.
“I’d also like to thank the leadership of MGM, Jim Murren and Bill Hornbuckle for having the foresight to bring the WNBA to Las Vegas and building the Aces into a first-class organization in such a short period of time.
"We look forward to the opportunities ahead.”
