Mark Cuban working on $3.5B sale of Dallas Mavericks to Sands casino family, AP source says
Mark Cuban is working on a deal to sell the Dallas Mavericks to the family that runs the Las Vegas Sands casino.
Mark Cuban, owner of the Dallas Mavericks, is currently in negotiations to sell a majority stake in the NBA franchise to the family that operates the Las Vegas Sands casino company. The deal is estimated to be worth $3.5 billion and would require several weeks for processing by the league. Despite the potential sale, Cuban would retain control of the basketball operations.
The potential buyers are the family of Miriam Adelson, who is the controlling shareholder of Las Vegas Sands Corp. The company announced the sale of $2 billion in shares, with the intention of using the proceeds to purchase a professional sports team. While the filing did not specify the team, league, or location, it is believed that the NBA team in question is the Dallas Mavericks, with the potential for Miriam Adelson to acquire at least 57% of the team based on the valuation.
Miriam Adelson, a medical doctor and widow of the late Sheldon Adelson, a billionaire who founded Las Vegas Sands, will retain 51.3% of company shares following the sale. The family also owns the Las Vegas Review-Journal, Nevada's largest newspaper.
The vetting process for new owners in the NBA typically takes several weeks, with approval required from the league's Board of Governors. The potential sale comes at a time when Cuban has expressed interest in partnering with the Sands and has been an advocate for legalizing gambling in Texas. Despite facing steep odds, Cuban has also expressed interest in building a new arena in downtown Dallas that would also serve as a casino resort.
Mark Cuban, who rose to fame after purchasing the Mavericks in 2000, has been a driving force in turning the franchise from one of the worst in pro sports to one of the best. His interest in selling a majority stake in the team to the Adelson family marks a significant development in the world of professional sports ownership.