Mark Cuban is reportedly divesting a majority stake in the Dallas Mavericks. The Adelson family is presently in the process of acquiring this majority share, as revealed by seasoned NBA reporter Marc Stein and Shams Charania from The Athletic. Notably, despite selling the majority of the team, Cuban is expected to retain control as the franchise’s primary owner.
Miriam Adelson, the largest shareholder of the Las Vegas Sands, has taken steps to purchase a sports team. Earlier on the same day, she sold approximately $2 billion worth of stock in the Las Vegas Sands, aiming to invest in the Mavericks. The deal is set at a valuation of $3.5 billion, according to information provided by Charania.
The Mavericks were last valued by Forbes at about $4.5 billion, which made them the seventh-most valuable franchise in the league. By comparison, the Golden State Warriors topped that list at $7.7 billion. Adelson is the fifth-richest woman in the world, according to Forbes. She inherited about 56% of Las Vegas Sands when her husband, the company’s founder, died in 2021. Mark Cuban is reportedly
In the previous year, Mark Cuban expressed his desire to relocate the Mavericks to a new arena situated “in the middle of a resort and casino” in the near future. He had expressed hopes of collaborating with the Las Vegas Sands, the world’s largest casino company, to realize this vision. Partnering with Miriam Adelson and Sands represents a significant stride in achieving this goal. It’s worth noting, however, that despite these plans, sports betting and casinos remain illegal in the state of Texas. Presently, the Mavericks play their home games at the American Airlines Center, located near downtown Dallas, a venue they have occupied since 2001.