Mark Cuban to sell majority stake of Dallas Mavericks to billionaire Miriam Adelson: reports
Cuban bought the Mavericks for $285M in 2000
Mark Cuban, the billionaire owner of the NBA’s Dallas Mavericks, will reportedly sell a majority stake in the team to billionaire Miriam Adelson, widow of late businessman Sheldon Adelson, according to multiple reports.
![Mark Cuban in November 2023](https://cdn.statically.io/img/a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/11/931/523/Mark-Cuban.jpg?ve=1&tl=1)
Mark Cuban attends a game between the Los Angeles Clippers and the Dallas Mavericks at Crypto.com Arena Nov. 25, 2023, in Los Angeles. (Allen Berezovsky/Getty Images / Getty Images)
The Mavericks referred Fox Business to the Adelson family.
Cuban didn’t immediately respond to a request for comment.
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Adelson said in a Las Vegas Sands filing earlier Tuesday she would sell $2 billion in stock to buy a majority stake in a sports franchise. But no franchise was named in the filing despite it saying there was a "binding purchase agreement."
![Trump and Miriam Adelson](https://cdn.statically.io/img/a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/11/931/523/Miriam-Adelson.jpg?ve=1&tl=1)
Donald Trump presents Miriam Adelson, philanthropist and wife of billionaire Sheldon Adelson, chairman and CEO of Las Vegas Sands Corp., with the Presidential Medal of Freedom during a ceremony in the East Room of the White House in Washington, D.C., (Andrew Harrer/Bloomberg via Getty Images / Getty Images)
Sportico first reported that Cuban was going to sell to Adelson. The Athletic reported the deal would be worth around $3.5 billion and that Cuban would keep shares in the team and run basketball operations.
The deal will still need to be approved by the NBA.
![Miriam Adelson in 2018](https://cdn.statically.io/img/a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/11/931/523/Miriam-Adelson2.jpg?ve=1&tl=1)
Miriam Adelson and Sheldon Adelson attend Friends of The Israel Defense Forces' Western Region Gala at The Beverly Hilton Hotel Nov. 1, 2018, in Beverly Hills, Calif. (Shahar Azran/Getty Images / Getty Images)
Cuban bought the team in 2000 for $285 million from Ross Perot’s group. According to Forbes, the team is now valued at around $4.5 billion. Mat Ishbia bought the Phoenix Suns and the WNBA’s Phoenix Mercury from Robert Sarver for $4 billion in December. The deal was approved in February.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
LVS | LAS VEGAS SANDS CORP. | 38.56 | -1.27 | -3.19% |
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Adelson, 78, owns around 400 million shares of Sands worth $19 billion.