Report: Mark Cuban, the owner of the Mavericks, will continue to be in charge of the franchise after selling billionaire Miriam Adelson the majority share.
The Adelson family is presently in the midst of purchasing a majority interest in the Mavericks, Shams Charania of The Athletic and veteran NBA reporter Marc Stein have both reported.
Cuban is anticipated to continue being the team’s primary owner even after selling the bulk of the team.
The largest shareholder of Las Vegas Sands, Miriam Adelson, sold around two billion dollars worth of stock into the business earlier on Tuesday with the intention of investing in a sports franchise, according to CNBC. According to Charania, she is paying $3.5 billion for the Mavericks.
The Mavericks are now the seventh most valuable team in the NBA according to Forbes, who estimated their value at roughly $4.5 billion. The Golden State Warriors, on the other hand, topped that list with $7.7 billion.
According to Forbes, Adelson is the sixth richest woman on the world. Upon her husband’s death in 2021, she acquired around 56% of Las Vegas Sands, the company’s founder.
Under the agreement, Cuba would continue to run basketball operations. The possible transaction was initially reported by NBA reporter Marc Stein.
Cuban stated last year that he intended to work alongside Las Vegas Sands, the biggest casino operator in the world, to relocate the Mavericks into a new stadium that would be “in proximity to a resort and casino” in the near future.
Even though casinos and sports betting are still prohibited in the state of Texas, collaborating with Adelson and Sands could represent a significant step toward achieving that.
Since 2001, the Mavericks have played their home games at the American Airlines Stadium Center, which is close to downtown Dallas.
A person possessing knowledge of the negotiations claimed on Tuesday night that Dallas Mavericks founder Mark Cuban is at work on a deal to sell the family that owns the Las Vegas Sands casino the majority of the NBA team.
The person who spoke for the Associated Press on a basis of anonymity because the facts were not being made public said that the arrangement would be valued at about $3.5 billion and would take weeks for the league to process.
The family of casino tycoon Sheldon Adelson’s widow, Miriam Adelson, made the announcement earlier on Tuesday that it would be selling $2 billion worth of her shares to fund the purchase of an unnamed professional sports franchise.
According to the most current NBA franchise valuations published by Forbes, the Mavericks are the seventh-most expensive team n the league with a valuation of $4.5 billion.
With $32.3 billion in wealth, Adelson was ranked as the 44th richest person of the world by Forbes.
Nearly a year ago, a Cuban expressed interest in collaborating with the Sands. He has been an advocate for Texas gambling legalization, a proposal that was shelved in the legislature during its last biennial session earlier this year.
The widow of casino tycoon Sheldon Adelson, Miriam Adelson, is disposing of $2 billion in Las Vegas Sands stock to enable the family to buy the bulk of Mark Cuban’s Dallas Mavericks NBA team.
The 65-year-old software tycoon, Cuban, will maintain ownership of the company and continue to manage the team, the Athletic reported. The Athletic valued the franchise at a total of $3.5 billion.
People who are familiar with the company’s plans anticipate an announcement regarding a deal soon.
The Mavericks were purchased by Cuban for $285 million from H. Ross Perot Jr. in 2000. Cuban is believed to be worth $6.4 billion.
It has three divisions titles, two conference crowns, as well as an NBA title in 2011 during his ownership.
Cuban’s 15 seasons on the ABC show for talent Shark Tank are arguably what made him most famous. In a podcast interview, he stated that he intended to quit after the sixteenth season.
Both the NBA and a representative for Sands nor the Adelsons declined to comment. Requests for response from Mavericks officials and Cubans went unanswered.
Basketball reporter Marc Stein of Substack first reported on the sale by Cubans earlier on Tuesday.