The Dallas Mavericks, one of the most valuable sports franchises in the world, are set to undergo a major change in ownership.
Owner Mark Cuban confirmed to NBC 5 his plans to sell a majority stake in the team to billionaire Miriam Adelson and her family for a whopping $3.5 billion. The deal could shake up the professional basketball world and have far-reaching implications for the sport.
Cuban would maintain operational control, the person said, even though the Adelsons would own a greater than 50% stake in the Mavericks.
This new comes days after Cuban, 65, revealed that after being on ABC's "Shark Tank" for over 10 years, the 16th season will be his last.
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"This is our 15th year, and next year, our 16th year, is gonna be my last year," Cuban shared on the Showtime podcast "All The Smoke" on Nov. 22. "So I got one more year to go."
Cuban confirmed to NBC 5 that a possible agreement between Mark Cuban and the Las Vegas Sands Corporation is in the works, which would merge their interests to create a Dallas resort casino and arena.
However, the deal is still pending approval by the NBA Board of Governors. The plan is to proceed with the project if gambling is legalized in Texas.
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Cuban said almost a year ago, he was interested in partnering with Sands. He has been a proponent of legalizing gambling in Texas, an issue that didn't make it out of the state Legislature in a biennial session that ended earlier this year.
The casino company, controlled by Miriam Adelson, widow of casino magnate Sheldon Adelson, announced earlier Tuesday it was selling $2 billion of her shares to buy an unspecified professional sports team.
Miriam Adelson is the controlling shareholder of Las Vegas Sands Corp. This publicly traded Las Vegas company built the Venetian and Palazzo resorts but now only has casino operations in Macau and Singapore. Sheldon Adelson, the billionaire founder and owner of Las Vegas Sands, died in 2021 at 87.
The company revealed the sale of $2 billion in stock in a filing with the Securities and Exchange Commission. The filing identified Adelson and the Miriam Adelson Trust as sellers but didn't specify a team, league, or location.
If the entirety of the $2 billion goes toward the purchase, it would mean Adelson could be acquiring at least 57% of the NBA team — based on the $3.5 billion valuation.
The 78-year-old Adelson, who is a medical doctor, will retain 51.3% of company shares following the sale, according to the filing. The family also owns Nevada’s largest newspaper, the Las Vegas Review-Journal.
“We have been advised by the selling stockholders that they currently intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise ... subject to customary league approvals,” the company said in the SEC filing.
Supporters of legalized gambling in Texas hoped to get a constitutional amendment to voters during the most recent session, but the measure didn't get far in the legislative process. The Republican-controlled Legislature doesn't meet in regular session again until 2025.
Cuban will not likely disappear from the spotlight since he will retain control of basketball operations. Efforts to legalize gambling in Texas could raise the profile of a billionaire who has been highly visible in sports, business, and finance for nearly 25 years.
A self-professed basketball junkie who graduated from Indiana University, Cuban is almost always courtside for Mavericks games. He has also been outspoken, compiling millions in fines as owner. Many of his tirades were directed at officials.
The Dallas Morning News and the Associated Press contributed to this story.
