Mark Cuban Explores Sale of Majority Stake in Dallas Mavericks to Las Vegas Sands Casino Family
In a thrilling development, Dallas Mavericks owner Mark Cuban is currently in talks to sell a significant portion of the NBA franchise to the family behind the renowned Las Vegas Sands casino company. A knowledgeable insider shared this information on Tuesday night.
The potential agreement is expected to be valued at an impressive $3.5 billion and is anticipated to undergo a league processing period spanning several weeks. The source, who spoke to The Associated Press on the condition of concealment, noted that Cuban would maintain control over basketball operations in this deal. NBA reporter Marc Stein was the first to break the news about this probable sale.
Earlier on Tuesday, the company controlled by Miriam Adelson, the widow of casino magnate Sheldon Adelson, announced plans to sell $2 billion of her shares to obtain an unnamed professional sports team. Cuban expressed interest in partnering with Sands almost a year ago and has been a vocal advocate for legalizing gambling in Texas, a cause that faced challenges in the recent state Legislature session.
Mark Cuban, the 65-year-old entrepreneur, recently announced his parting from the popular TV program “Shark Tank” after a successful 16th season next year. He rose to fame quickly after acquiring the Mavericks in 2000. Transforming Dallas from one of the worst franchises in the 1990s to one of the best, Cuban, with the help of star onward Dirk Nowitzki, has been instrumental in the team’s success.
Miriam Adelson, the controlling shareholder of Las Vegas Sands Corp., a publicly traded company, is now set to make a significant move into the sports world. The $2 billion stock sale, as per a shaving with the Securities and Exchange Commission, doesn’t specify the team, league, or location. If the entire sum is directed towards the purchase, it could mean Adelson acquiring at least 57% of the NBA team based on the $3.5 billion valuation.
The 78-year-old Adelson, a medical doctor, will retain 51.3% of company shares following the sale, according to the filing. The family also maintains Nevada’s largest newspaper, the Las Vegas Review-Journal.
In a statement, the company revealed their intent to use the net proceeds, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise, subject to expected league approvals. The NBA’s thorough vetting process for new owners typically takes several weeks, with final approval required from the league’s Board of Governors.
Cuban’s ambition to build a new arena in downtown Dallas, potentially a casino resort, if Texas legalizes gambling, was also reiterated late last year. Despite setbacks in the push for legalized gambling in Texas, Cuban’s continued involvement in basketball operations ensures his enduring presence in the public eye. A self-professed basketball enthusiast and Indiana University graduate, Cuban is almost always courtside for Mavericks games. Known for his outspoken nature and fines as an owner, Cuban’s visibility in sports, business, and finance is likely to stay strong for years to come.
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