Report: Cuban selling majority stake in Mavs, will retain team control
Dallas Mavericks owner Mark Cuban is selling a majority stake in the team to billionaire Miriam Adelson, sources told The Athletic's Shams Charania.
The deal reportedly values the NBA franchise at approximately $3.5 billion.
Cuban, however, will retain his shares in the franchise as well as control of all basketball operations.
Adelson is the widow of casino and resort tycoon Sheldon Adelson, who founded Las Vegas Sands Corporation in 1988. In order to finance her purchase of the Mavericks, Adelson sold $2 billion worth of stock in the company on Tuesday, courtesy of Mike Vorkunov of The Athletic.
Cuban, 65, has owned the Mavericks since 2000. He paid $285 million for a majority stake from Henry Ross Perot Jr. Under Cuban, Dallas won its first and only NBA championship in 2011.
The longtime franchise owner has publicly mused about a potential collaboration with Las Vegas Sands in the event that the state of Texas legalizes gambling.
"My goal, and we'd partner with Las Vegas Sands, is when we build a new arena it'll be in the middle of a resort and casino," Cuban told the Dallas Morning News' Brad Townsend last December. "That's the mission."
The Adelson family has an estimated net worth of approximately $35 billion, according to Forbes.