Mark Cuban is selling a majority stake of the Mavericks franchise but in an unusual arrangement, he’ll retain full control of basketball operations.
The casino tycoon Adelson family is in the process of buying a major share in the franchise, according to Marc Stein. Cuban is selling the majority stake to billionaire Miriam Adelson, widow of late businessman Sheldon Adelson, and the Adelson family for a valuation in the range of $3.5 billion, according to Shams Charania of The Athletic. Cuban bought the Mavericks for $285M in 2000.
In an SEC filing, Sheldon Adelson’s family said it is selling $1.9 billion in Las Vegas Sands stock to buy a “majority interest in a professional sports franchise.” It also stated that a deal is in place, pending league approval, Eben-Novy Williams of Sportico reports. The sale of the Mavs would have to be approved by the league’s Board of Governors.
Earlier this year, Mat Ishbia and his group paid $2.28 billion for a 57% stake in the Suns. That’s the equivalent of a $4 billion valuation.
Cuban and the Las Vegas Sands Corporation had already planned to form a partnership to build an arena and casino in the Dallas area if gambling is legalized in Texas, Brad Townsend of the Dallas Morning News notes.
“My goal, and we’d partner with Las Vegas Sands, is when we build a new arena it’ll be in the middle of a resort and casino,” Cuban said last year. “That’s the mission.”
Cuban, 65, is one of the most recognizable owners in any professional sport. He’s got a variety of business ventures and is the star of the TV show “Shark Tank.”
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