Mark Cuban is reportedly selling a majority stake of the Dallas Mavericks to billionaire Miriam Adelson.
According to industry insider Marc Stein, he reports that “The Adelson family is in the process” of buying its way in the the ownership of the NBA franchise, which has been owned by Cuban since 2000. While he is selling a “significant stake,” Cuban is said to “continue to retain operational and control of the team.” In the past, Cuban has mentioned that he has a strong vision for the team’s future arena which appears to hold the a mirror to the Las Vegas-style casinos and resorts. With Miriam Adelson on board, who is part of the Adelson family that owns the Las Vegas Sands, they will have plenty of experience. Recently, Miriam sold $2 billion USD worth of her Sands stock with the intention of investing in a sports franchise.
ESPN reports that Cuban is nearing a deal with the Adelson family and discussion are quite advanced. The agreement is expected to be in the valuation range of $3.5 billion USD. When Cuban first purchased a majority share in the franchise, it was for $285 million USD.
The Adelson family is in the process of buying a significant stake in the Dallas Mavericks, @TheSteinLine has learned.
League sources say Mark Cuban would continue to retain operational control of the team.
More to come on this breaking news via https://t.co/A6ycVmnrjq
— Marc Stein (@TheSteinLine) November 28, 2023
