Entrepreneur and Dallas Mavericks owner Mark Cuban is selling a majority stake in the basketball team to billionaire Miriam Adelson, the largest shareholder at casino chain Las Vegas Sands, according to the Athletic, in a deal that would allow Cuban to maintain shares in the team and continue as its head of basketball operations.
- Cuban is selling a majority stake to Adelson and her family for a valuation in the range of $3.5 billion, according to Shams Charania, a reporter with the Athletic.
- Marc Stein, an NBA insider, tweeted that Cuban would continue to retain operational control of the team.
- The development comes hours after Las Vegas Sands announced that Adelson is selling $2 billion of her shares to purchase an unnamed sports franchise.
- The share sale will account for about 10% of Adelson’s stake in Las Vegas Sands, CNBC reported.
- Cuban did not immediately respond to Forbes’ request for comment.
$280 million. That’s how much Cuban spent to buy the Mavericks in 2000.
We estimate Cuban’s net worth at $6.2 billion, with a large portion of his wealth coming from his 85% ownership stake in the Mavericks. Cuban also holds various stakes and investments in companies like Cost Plus Drugs and Magnolia Pictures. Adelson and her family’s estimated net worth sits at $32.3 billion, ranking her as the 44th-richest person in the world.
Cuban told the Dallas Morning News last year that he had a goal to partner with Las Vegas Sands and build a new Mavericks arena—one that would be located in the middle of a Las Vegas-style resort and casino.
Cuban decided to buy the Mavericks after its home opener in 1999, according to GQ. He held an 85% stake in the team as of last year, which represented nearly half of his wealth at the time. The Mavericks have won a championship during Cuban’s time as owner, defeating the Miami Heat in the 2011 NBA Finals. Adelson and her family own more than half of Las Vegas Sands, which sported a $36.4 billion market cap as of Tuesday. Adelson and her late husband, Sheldon, are also GOP megadonors. In 2020, the two donated $180 million to Republican campaigns and political action committees.
This story was first published on forbes.com and all figures are in USD.