Mark Cuban, the owner of the NBA’s Dallas Mavericks, is set to sell a majority stake in the franchise to the Adelson family.
Miriam Adelson, the largest shareholder of Las Vegas Sands, is in the process of acquiring the majority share at a valuation of $3.5 billion, Yahoo Sports reported. Las Vegas Sands is the largest casino company in the world. Despite the sale, Cuban will retain control of the team. Miriam Adelson, the fifth-richest woman globally, inherited 56% of Las Vegas Sands in 2021.
The move follows Miriam Adelson’s sale of approximately $2 billion worth of Las Vegas Sands stock to fund the sports team acquisition. The Dallas Mavericks were valued at around $4.5 billion by Forbes last month, ranking seventh among NBA franchises. Cuban, who bought the Mavericks in 2000 for $285 million, expressed a desire last year to relocate the team to a new arena situated “in the middle of a resort and casino.” Cuban had hoped to collaborate with Las Vegas Sands for this venture, aligning with Miriam Adelson’s involvement.
The current valuation of the Mavericks puts them behind the Golden State Warriors, valued at $7.7 billion. Despite the potential partnership with Las Vegas Sands, sports betting and casinos remain illegal in Texas. The team presently plays at the American Airlines Center in downtown Dallas. Cuban’s envisioned move to a new arena aligns with his plans for the team’s future.
The Mavericks, with a strong history that includes an NBA title in 2011, have consistently made the playoffs under Cuban’s ownership, largely attributed to the presence of Dirk Nowitzki. Under head coach Jason Kidd, the team has started the current season with a 10-6 record.