Dallas Mavericks’ Ownership Shift: Mark Cuban to Retain Control Amid Majority Stake Sale
Mark Cuban, the owner of the Dallas Mavericks, is currently negotiating the sale of a majority stake in the NBA franchise to the family overseeing the Las Vegas Sands casino enterprise, as disclosed by a source familiar with the ongoing discussions on Tuesday night.
The potential deal, anticipated to be valued at $3.5 billion, is in the early stages and is expected to undergo a comprehensive league approval process, taking several weeks, according to an anonymous source who spoke to The Associated Press. The condition of anonymity was maintained due to the confidentiality surrounding the transaction details.
As noted by NBA correspondent Marc Stein, Cuban would preserve control over basketball operations in this prospective arrangement.
The family linked to the Las Vegas Sands, notably the widow of casino tycoon Sheldon Adelson, Miriam Adelson, revealed earlier on the same day a plan to sell $2 billion of her shares to acquire an unspecified professional sports team.
Mark Cuban expressed interest in partnering with Sands nearly a year ago, aligning with his advocacy for legalizing gambling in Texas. While the state legislature did not progress the gambling legalization issue in its recently concluded biennial session, Cuban has actively pursued his vision.
The 65-year-old entrepreneur, who recently announced his departure from the television program “Shark Tank” after 16 seasons, gained prominence swiftly after acquiring the Mavericks in 2000. Under Cuban’s ownership, the franchise transformed from one of the worst in the 1990s to one of the best, notably with the contribution of star forward Dirk Nowitzki.
Miriam Adelson, the majority shareholder of Las Vegas Sands Corp., a publicly traded Las Vegas company, holds control over the Venetian and Palazzo resorts and maintains casino operations in Macau and Singapore following the demise of Sheldon Adelson in 2021.
The SEC filing revealed the sale of $2 billion in stock, with the proceeds intended for a majority interest in a professional sports franchise, subject to customary league approvals. If the $2 billion is utilized for the purchase, Adelson could acquire at least 57% of the NBA team based on the $3.5 billion valuation.
The vetting process for new NBA owners typically spans several weeks, with final approval granted by the league’s Board of Governors.
Mark Cuban’s aspirations for a new downtown arena in Dallas, potentially doubling as a casino resort contingent on Texas legalizing gambling, remain in play. Although efforts to legalize gambling in Texas faced setbacks in the recent legislative session, Cuban’s continuous involvement ensures his enduring presence in the public eye.
Cuban, an Indiana University graduate and self-professed basketball enthusiast, is expected to persist in his outspoken nature and prominent visibility in sports, business, and finance.
