Dallas Mavericks owner Mark Cuban is poised to sell a majority stake in the NBA franchise to Miriam Adelson and her family, the renowned proprietors of the Las Vegas Sands casino empire. The $3.5 billion deal, currently undergoing approval processes within the league, is anticipated to conclude over the next few weeks, according to sources closely involved in the negotiations.
Miriam Adelson, the widow of the esteemed casino magnate Sheldon Adelson, is slated to acquire the majority stake. At the same time, Mark Cuban will retain a firm grip on basketball operations, ensuring his continued active involvement in the team’s management. This distinctive arrangement positions Cuban as a trailblazer in sports ownership, enabling him to divest the majority of his shares while maintaining leadership over the team’s basketball strategies.
To fund the acquisition, the Adelson family, through Las Vegas Sands Corp., has disclosed the sale of $2 billion worth of Miriam Adelson’s shares. Renowned as the 35th wealthiest person globally and the fifth richest woman, Miriam Adelson boasts an estimated net worth of $32.3 billion. The family’s fortunes are principally linked to the Las Vegas Sands Corp., which reported $2.8 billion in revenue in the third quarter of the fiscal year.
This surprising move follows Cuban’s prior interest in collaboration with Las Vegas Sands Corp. last year, aiming to develop a casino and resort in Dallas, incorporating facilities for the Mavericks. Miriam Adelson’s proficiency in real estate and arena development, coupled with the potential for introducing casino gaming and entertainment in Dallas, played a pivotal role in Cuban’s decision to sell.
Under Cuban’s ownership since 2000, the Mavericks underwent a remarkable transformation from one of the worst franchises in the 1990s to a triumphant team, clinching the NBA championship in 2011 with star forward Dirk Nowitzki at the helm.
Pending league approval, Miriam Adelson will ascend to the ranks of the NBA’s principal owners, solidifying her position as one of the league’s wealthiest stakeholders. This acquisition follows the Adelson family’s earlier purchase of Hapoel Jerusalem, an Israeli basketball club, earlier this year.
In a departure from recent trends in escalating franchise valuations, the Mavericks’ sale is notable for its valuation below recent high-profile NBA team transactions. The league’s forthcoming approval process is poised to unveil additional details about this unprecedented shift in ownership.
