Mark Cuban, proprietor of the Dallas Mavericks, has concluded an agreement to sell a majority interest in the NBA franchise. The acquirer is the Adelson family, distinguished for their casino enterprise. This transaction is a notable development within the domains of sports and commerce.
Miriam Adelson, widow of casino magnate Sheldon Adelson and majority shareholder of Las Vegas Sands, disclosed this transaction through a statement released on Wednesday.
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Pending approval by the NBA Board of Governors, the deal is anticipated to conclude by year-end, effectively transferring control of the Mavericks to the Adelson family.
The binding purchase agreement involves key members, including Miriam Adelson’s daughter and son-in-law, Sivan and Patrick Dumont.
The statement emphasizes the Mavericks’ global success, NBA championship history, and devoted fanbase under Cuban’s leadership. While the financial details remain undisclosed, industry reports estimate the transaction’s value to be around $3.5 billion.
Despite relinquishing the majority stake, Mark Cuban will retain a substantial role within the franchise. The statement affirms a continued partnership between Cuban and the Adelson family, aiming to build upon the team’s legacy.
Miriam Adelson, whose wealth is estimated at $33 billion, recently signaled the family’s intent to fund this sports venture by selling $2 billion worth of Sands stock, as revealed in a Securities and Exchange Commission filing by Las Vegas Sands Corp.
This development coincides with Cuban’s decision to depart from the TV series “Shark Tank” after the upcoming season.
