Mark Cuban To Sell Dallas Mavericks Majority Stakes to Billionaire Miriam Adelson

In a surprising move, billionaire entrepreneur Mark Cuban is reportedly selling a majority stake in the Dallas Mavericks according to Yahoo! Sports.

The Adelson family, led by Dr. Miriam Adelson, is in the process of acquiring the majority share, according to NBA reporters Marc Stein and Shams Charania from The Athletic.

Despite the sale, Cuban is expected to retain control as the franchise's primary owner.

Forbes last valued the Mavericks at approximately $4.5 billion, ranking them as the seventh-most valuable NBA franchise.

The Adelson family, with a net worth fueled by their casino interests, is led by Miriam Adelson, the fifth-richest woman globally.

The family's significant wealth stems from their majority ownership of Las Vegas Sands, inherited after the passing of its founder, Sheldon Adelson, in 2021.

Mark Cuban expressed his desire last year to relocate the Mavericks to a new arena within a resort and casino setting, envisioning a partnership with Las Vegas Sands to achieve this goal.

While sports betting and casinos remain illegal in Texas, Cuban's collaboration with the Adelson family signifies a substantial step toward realizing this ambitious plan.

Mark Cuban initially acquired the Mavericks in 2000 for around $285 million. Since then, propelled largely by the presence of Dirk Nowitzki, the Mavericks have reached the playoffs in all but five seasons.

In a historic victory, they clinched their first NBA title in 2011 by defeating the LeBron James-led Miami Heat. Currently boasting a 10-6 record this season, the team is in its third season under head coach Jason Kidd.

Miriam Adelson Is Selling $2 Billion Worth of Las Vegas Sands Corp Stocks

Controlling shareholder of Las Vegas Sands Corp., Dr. Miriam Adelson, is set to sell $2 billion worth of company stock to finance the acquisition of a professional sports franchise, as revealed in a Securities and Exchange Commission filing on Tuesday.

A close source to the deal confirmed that Adelson's target is a majority interest in the Dallas Mavericks, owned by Mark Cuban, per Las Vegas Review-Journal.

This development follows Miriam Adelson's son, Matan, acquiring Hapoel Jerusalem, a prominent basketball team in Israel, earlier this year.

If the entire $2 billion is directed towards the Mavericks' purchase, the Adelson family could secure at least a 57% stake based on the team's estimated $3.5 billion valuation.

The NBA's thorough vetting process for new owners, requiring several weeks, precedes approval from the league's board of governors.

Miriam Adelson and Las Vegas Sands Corp

The SEC filing identifies Miriam Adelson, a medical doctor and widow of casino magnate Sheldon Adelson, as the driving force behind the $2 billion stock sale.

The Sands group, led by Miriam Adelson and her son-in-law, Patrick Dumont, has previously engaged in talks with Mark Cuban regarding plans for a casino entertainment district in Dallas, incorporating a new Mavericks arena, per ESPN.

Sheldon Adelson, a significant supporter of Texas Gov. Greg Abbott until his passing in 2021, received the In Pursuit of Excellence Award from the Adelsons in 2017.

Miriam Adelson has continued contributing to Gov. Abbott's campaigns, aligning with the family's persistent efforts to persuade Texas lawmakers to legalize gaming.

Despite Sands' lobbying, the opposition led by Lt. Gov. Dan Patrick has thwarted attempts to legalize casinos in Texas. The state's legislative sessions occur biennially, akin to Nevada's schedule.

This article is owned by Latin Post.

Written by: Bert Hoover

WATCH: Reports: Mark Cuban to sell majority stake in Dallas Mavericks to Miriam Adelson and her family - From WFAA