Dallas Mavericks owner Mark Cuban has reportedly entered into an agreement to sell a majority stake in the NBA franchise to Miriam Adelson and her family. The deal, valued at around $3.5 billion, comes as the casino tycoons announce the trade of $2 billion in Las Vegas Sands Corp. stock to fund the investment.
The Adelson family, with a binding purchase agreement already in place, plans to utilize funds from the offering and available cash to complete the acquisition. In a unique arrangement, Mark Cuban retains shares in the team and maintains full control of basketball operations, making it one of the most creative setups in NBA history.
Cuban, who purchased the Mavericks in 2000 for $285 million and led them to an NBA championship in 2011, will continue to play a key role in the team. The new majority stakeholder, Miriam Adelson, is a billionaire physician and widow of the late Sheldon Adelson, the CEO of Las Vegas Sands.
Miriam Adelson, listed as one of the world’s wealthiest individuals, holds a significant net worth, primarily through her majority ownership of Las Vegas Sands. The Adelsons are known for their substantial donations to Republican and conservative causes, supporting campaigns such as Donald Trump’s presidential run.
The deal adds an interesting dimension to the NBA landscape, with Miriam Adelson taking ownership of the Dallas Mavericks, while Mark Cuban remains actively involved. The transaction is pending confirmation from the NBA and awaits official statements from the involved parties.
Written by:
Dana Sterling-Editor
