Mark Cuban agrees to sell majority share of Mavericks to Adelson family
Dallas Mavericks owner Mark Cuban agreed to sell a majority stake in his NBA franchise to Miriam Adelson, widow of billionaire casino magnate Sheldon Adelson, and her family, multiple people with knowledge of the agreement confirmed to The Washington Post on Tuesday.
Cuban, a 65-year-old entrepreneur and reality television star who co-founded broadcast.com, purchased the Mavericks for $285 million from H. Ross Perot Jr. in 2000. Under terms of the sale to the Adelsons, which is subject to approval by the NBA’s board of governors, Cuban will retain an ownership stake and maintain control over basketball operations. The Associated Press reported that the agreement would be in the valuation range of $3.5 billion. Marc Stein and the Athletic previously reported the deal’s terms.
Sheldon Adelson founded Las Vegas Sands, an international gambling company that included the Venetian hotel in Las Vegas and properties in Asia. He died at 87 in 2021. Miriam Adelson, 78, and her family remain major shareholders in Las Vegas Sands, and the Israeli-born physician and newspaper publisher is the fifth-richest woman in the United States with a net worth of $32.8 billion, according to a recent estimate by Forbes.
In an SEC filing made public Tuesday, the Adelson family announced it was selling $2 billion worth of Las Vegas Sands stock to “fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement.”
https://www.washingtonpost.com/sports/2023/11/28/mavericks-sale-mark-cuban-adelson-family/