Mark Cuban Considers majority stake sale of Dallas Mavericks to Las Vegas Sands family
Date
11/29/2023 7:49:32 AM
(MENAFN) Mark Cuban, the owner of the Dallas Mavericks, is reportedly in discussions to sell a majority stake in the NBA franchise to the family that operates the Las Vegas Sands casino company. A source familiar with the talks revealed that the potential deal is estimated to be valued at around USD3.5 billion. The agreement, which would keep Cuban in control of basketball operations, is expected to undergo a processing period of several weeks for approval by the NBA. The person providing the information spoke on the condition of anonymity as the details have not been officially disclosed.
The entity linked to this potential acquisition is controlled by Miriam Adelson, the widow of casino tycoon Sheldon Adelson. On Tuesday, her company announced a USD2 billion sale of her shares, earmarking the proceeds for the purchase of an unspecified professional sports team. The discussions between Cuban and the Adelson family have reportedly been ongoing for nearly a year, with NBA reporter Marc Stein first breaking the news about the prospective sale.
Mark Cuban has been vocal about his interest in partnering with Sands, particularly in the context of his advocacy for legalizing gambling in Texas. Despite his efforts, this initiative failed to progress through the state Legislature during the most recent biennial session earlier this year. Notably, Cuban has expressed a keen interest in the intersection of sports and the gaming industry.
Cuban, aged 65, gained rapid prominence after acquiring the Dallas Mavericks in 2000. Known for his entrepreneurial ventures and outspoken personality, he recently announced his departure from the business TV program "Shark Tank" after the upcoming 16th season. The potential sale of a majority stake in the Mavericks marks a significant development in the business landscape of both the NBA and the gaming industry, underscoring the evolving dynamics of sports ownership and investment.
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