Olga Prentiss
Nov 29, 2023 - 06:05

Mark Cuban Sale Dallas Mavericks $3.5B AP Source

Dallas Mavericks owner Mark Cuban is selling a majority stake to the family behind the Las Vegas Sands casino.

Mark Cuban, the owner of the Dallas Mavericks, is in talks to sell a majority stake in the NBA franchise to the family that operates the Las Vegas Sands casino company. This deal is estimated to be valued at $3.5 billion and will require several weeks for the league to process. However, Cuban would still maintain control of basketball operations under the terms of the agreement.

The potential sale was first reported by NBA reporter Marc Stein. It comes after the company controlled by Miriam Adelson, the widow of casino magnate Sheldon Adelson, announced that they were selling $2 billion of her shares to purchase an unspecified professional sports team.

Cuban had expressed interest in partnering with Sands nearly a year ago and has been a strong advocate for legalizing gambling in Texas. The 65-year-old entrepreneur, who rose to fame after purchasing the Mavericks in 2000, has been a driving force behind the team's transformation from one of the worst franchises in pro sports to one of the best.

Miriam Adelson, who is the controlling shareholder of Las Vegas Sands Corp., revealed the sale of $2 billion in stock in a filing with the Securities and Exchange Commission. The filing did not specify a team, league, or location but indicated that the net proceeds would be used to fund the purchase of a majority interest in a professional sports franchise.

The vetting process for new owners in the NBA typically takes several weeks, and approval must be granted by the league's Board of Governors. As a result, this deal will take some time to finalize, but Cuban is expected to retain a prominent role in the organization.

Cuban has also expressed interest in building a new arena in downtown Dallas that would double as a casino resort if Texas legalizes gambling. While the legislative process for legalizing gambling in Texas has faced challenges, Cuban's outspoken nature and visibility in sports, business, and finance are likely to keep him in the spotlight.