Mark Cuban $3.5B sale Dallas Mavericks Sands casino family AP source
Dallas Mavericks owner Mark Cuban is in talks to sell a majority stake in the NBA franchise to Las Vegas Sands.
Mark Cuban, the owner of the Dallas Mavericks, is currently in talks to sell a majority stake in the NBA franchise to the family that operates the Las Vegas Sands casino company. The potential deal is estimated to be valued at $3.5 billion and could take weeks to be processed by the league. However, Cuban would still retain control of basketball operations within the team.
The company controlled by Miriam Adelson, the widow of casino magnate Sheldon Adelson, announced that it was selling $2 billion of her shares to purchase an unspecified professional sports team. This move aligns with Cuban's interest in partnering with Sands, as he has been an advocate for legalizing gambling in Texas. Despite the issue not making it out of the state Legislature earlier this year, Cuban remains passionate about the potential for a new arena in downtown Dallas that would also serve as a casino resort.
The potential sale of the Dallas Mavericks to the Adelson family would mean that Miriam Adelson could acquire at least 57% of the NBA team, based on the $3.5 billion valuation. The vetting process for new owners in the NBA typically takes several weeks, and approval must be granted by the league's Board of Governors. However, Cuban's involvement in the team's basketball operations is expected to continue, keeping him in the spotlight.
Cuban's outspoken and highly visible presence in sports, business, and finance for nearly 25 years has made him a prominent figure. As a self-professed basketball enthusiast, Cuban is known for his court-side appearances at Mavericks games and has been vocal about his desire to legalize gambling in Texas. Despite facing challenges in achieving this goal, Cuban's determination and influence remain strong.
The potential sale of the Dallas Mavericks to the Adelson family marks a significant development in the NBA and the sports industry as a whole. With Cuban's continued involvement in the team and the Adelson family's interest in expanding their sports ownership, the landscape of professional sports ownership is poised for a transformation. This ongoing story will undoubtedly capture the attention of sports fans and industry insiders alike.