Mark Cuban’s Mavericks Legacy A New Chapter with the Adelsons
In a surprising turn of events, billionaire entrepreneur Mark Cuban has agreed to sell a majority stake in the NBA’s Dallas Mavericks to the Adelson family, renowned for their extensive casino empire. The deal, which was announced in a statement by Miriam Adelson and her family, majority shareholders of Las Vegas Sands, is set to reshape the ownership landscape of the Dallas Mavericks pending approval by the NBA Board of Governors. If greenlit, the transaction is expected to conclude by the end of the year, granting control of the Mavericks to the Adelsons.
According to Ron Reese, spokesperson for Las Vegas Sands, the Adelson family, including Miriam Adelson’s daughter and son-in-law, Sivan and Patrick Dumont, have formally entered into a binding purchase agreement to acquire a majority ownership stake in the Dallas Mavericks. Dr. Miriam Adelson, the widow of Sheldon Adelson and the leading shareholder in Las Vegas Sands, is estimated to possess a staggering fortune of approximately $33 billion according to Bloomberg.
In a joint statement, the Adelson and Dumont families expressed their enthusiasm for this acquisition: “The Dallas Mavericks are one of the world’s most successful and recognizable sports franchises. The team has won an NBA championship, has a long history of attracting international superstars, and has been supported by a dedicated and passionate fan base and leadership group led by Mark Cuban.”
While specific financial terms of the deal remain undisclosed, reports circulating within the sports industry suggest that the transaction could value the Mavericks at an impressive $3.5 billion. The statement also outlines that Mark Cuban will continue to play a significant role within the NBA franchise, even after the sale has been completed. It reads, “We look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond.”
Under the terms of the agreement, Mark Cuban will retain partial ownership of the Mavericks franchise and maintain control over basketball operations, ensuring that his influence on the team’s future remains intact. Despite numerous requests for comment, Cuban has yet to respond to inquiries regarding this momentous development.
This announcement coincides with Las Vegas Sands Corp.’s recent filing with the Securities and Exchange Commission, wherein they disclosed the intention of Miriam Adelson and the Adelson family trust to sell $2 billion worth of Sands stock. The funds generated from this sale are earmarked to facilitate the acquisition of a majority interest in a professional sports franchise, marking a significant pivot for the Las Vegas Sands Corp. The company, headquartered in Nevada, is renowned for its ownership of casinos in Macao and Singapore, as well as its previous ownership of The Venetian on the Las Vegas Strip.
In a related move earlier this month, Mark Cuban revealed his decision to exit the popular entrepreneur TV series “Shark Tank” after the upcoming season, signaling a shift in focus and priorities.
The impending transfer of ownership of the Dallas Mavericks from Mark Cuban to the Adelson family marks a significant moment in the history of the franchise. While the financial details of the deal remain shrouded in mystery, the commitment to maintaining Cuban’s involvement in the team suggests that the Mavericks will continue to thrive under new ownership.