Reports suggest that discussions are underway for Dallas Mavericks owner Mark Cuban to potentially sell a majority stake in the NBA franchise to the Las Vegas Sands casino company’s family. Valued at approximately $3.5 billion, this prospective deal could undergo several weeks of scrutiny within the league’s approval process, according to a source close to the negotiations speaking anonymously to The Associated Press due to the sensitive nature of the talks.
If the agreement materializes, Cuban would still hold sway over the team’s basketball operations, as per initial reports by NBA reporter Marc Stein.
Miriam Adelson, heading the entity linked to the Las Vegas Sands, recently revealed plans to sell $2 billion worth of her shares with the aim of acquiring an unnamed professional sports team.
Cuban’s interest in collaborating with Sands dates back nearly a year, aligning with his advocacy for gambling legalization in Texas—a cause that faced setbacks in the state Legislature this year.
At 65, Cuban, known for his tenure on “Shark Tank” set to conclude after its 16th season, soared to fame after acquiring the Mavericks in 2000. Under his ownership, the team underwent a significant transformation from its lackluster ’90s performance, notably propelled by star player Dirk Nowitzki.
Miriam Adelson holds a significant stake in the publicly traded Las Vegas Sands Corp., previously known for constructing renowned resorts like the Venetian and Palazzo, now focused on casino operations in Macau and Singapore. Following the passing of Sheldon Adelson in 2021, the company’s billionaire founder, Miriam has taken charge.
In a recent SEC filing, the $2 billion stock sale was disclosed, with Adelson and the Miriam Adelson Trust listed as sellers without specifying details about the team, league, or location involved.
Should the entirety of the $2 billion be utilized for the purchase, it could translate to Adelson acquiring approximately 57% ownership in the NBA team based on the $3.5 billion valuation.
Post-sale, the 78-year-old Adelson, also a medical professional, will retain 51.3% of company shares, as outlined in the filing. The family also has ownership of the Las Vegas Review-Journal, Nevada’s largest newspaper.
The SEC filing indicated the intention to employ the net proceeds from the stock offering, along with available cash, toward obtaining a controlling interest in a professional sports franchise, pending customary league approvals.
The NBA’s scrutiny of new ownership typically involves a multi-week process culminating in approval by the league’s Board of Governors.
Cuban had previously expressed aspirations for a new downtown Dallas arena that could potentially incorporate a casino resort, contingent on Texas legalizing gambling—an effort that faced obstacles in the recent legislative session controlled by Republicans.
Despite these potential alterations, Cuban is anticipated to retain a significant role in overseeing basketball operations. His active support for gambling legalization in Texas may further elevate his public profile, given his extensive involvement in sports, business, and finance over the past 25 years.
A passionate basketball aficionado and graduate of Indiana University, Cuban is a regular presence courtside during Mavericks games. Known for his outspoken demeanor, he has incurred substantial fines as an owner, often directing criticism toward game officials.
Mark Cuban
Mark Cuban is a well-known American entrepreneur, investor, and media personality. Born on July 31, 1958, in Pittsburgh, Pennsylvania, he is recognized for his diverse ventures and outspoken nature. Cuban gained fame through his success as a businessman, notably for founding MicroSolutions, a computer consulting service that he later sold, and co-founding Broadcast.com, an internet radio company that was sold to Yahoo! for billions during the dot-com boom.
He is perhaps most prominently known for his ownership of the NBA’s Dallas Mavericks, a team he purchased in 2000. Under his ownership, the Mavericks experienced a significant turnaround, evolving from a struggling franchise in the 1990s to becoming NBA champions in 2011.
Cuban is also a familiar face as one of the investors (sharks) on the popular television show “Shark Tank,” where entrepreneurs pitch their business ideas seeking investments. Known for his straightforward and often candid approach, he has established a reputation for being outspoken, assertive, and highly engaged in various business and sports-related discussions.
Beyond his business and sports ventures, Mark Cuban has been an advocate for causes such as net neutrality and expanding opportunities for small businesses. He’s also expressed interest in technology, artificial intelligence, and the future of various industries.
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