UPDATE
Nov 29, 2023 4:00 PM CST
Dallas Mavericks owner Mark Cuban has entered into an agreement to sell a majority stake in the NBA franchise to the family that runs the Las Vegas Sands casino company, it was announced Wednesday. The company controlled by Miriam Adelson, widow of casino magnate Sheldon Adelson, announced earlier Tuesday it was selling $2 billion of her shares to buy an unspecified professional sports team. It revealed Wednesday that the team was the Mavericks, the AP reports. "The families are targeting a closing of the transaction by year-end, subject to the satisfaction of customary closing conditions and approval of the NBA Board of Governors," said a statement released by the Adelson and Dumont families, who are linked through marriage.
Nov 29, 2023 7:55 AM CST
Dallas Mavericks owner Mark Cuban is working on a deal to sell a majority stake in the NBA franchise to the family that runs the Las Vegas Sands casino company, a person with knowledge of the talks said Tuesday night. The agreement would be in the valuation range of $3.5 billion and take weeks for the league to process, according to the person, who spoke to the AP on condition of anonymity. Cuban would retain control of basketball operations in the deal. The company controlled by Miriam Adelson, widow of casino magnate Sheldon Adelson, announced earlier Tuesday it was selling $2 billion of her shares to buy an unspecified professional sports team.
Cuban said almost a year ago he was interested in partnering with Sands. He has been a proponent of legalizing gambling in Texas, an issue that didn't make it out of the state Legislature in a biennial session that ended earlier this year. The 65-year-old Cuban, who just announced he was leaving the popular Shark Tank after a 16th season next year, rose to fame quickly after buying the Mavericks in 2000. Miriam Adelson is the controlling shareholder of Las Vegas Sands Corp., a publicly traded Las Vegas company that built the Venetian and Palazzo resorts but now only has casino operations in Macau and Singapore. Sheldon Adelson, the billionaire founder and owner of Las Vegas Sands, died in 2021 at 87.
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The company revealed the $2 billion sale in a filing with the SEC that identified Adelson and the Miriam Adelson Trust as sellers but didn't specify a team, league, or location. "The selling stockholders ... intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise ... subject to customary league approvals," the company said. If the entirety of the $2 billion goes toward the purchase, Adelson could be acquiring at least 57% of the NBA team—based on the $3.5 billion valuation. The 78-year-old Adelson will retain 51.3% of Las Vegas Sands Corp., according to the filing. The vetting process for new owners in the NBA typically takes several weeks, and then approval must be granted by the league's Board of Governors.
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