The NBA Board of Governors unanimously approved the sale of the Dallas Mavericks by billionaire investor Mark Cuban to billionaire Miriam Adelson, giving Adelson and her family a majority stake in the team in a deal valued at approximately $3.5 billion.
Key Facts
Adelson, the widow of former Las Vegas Sands CEO and major Republican party donor Sheldon Adelson, who passed away in 2021, will acquire a 73% majority stake in the Mavericks, allowing Cuban to retain a 27% minority stake and continue serving the team as President of Basketball Operations.
Adelson will be a majority owner alongside her family and the family of Patrick Dumont, the president and CEO of Las Vegas Sands, according to a statement from the league.
Dumont will also serve as the governor of the Mavericks, with Cuban continuing in his role as alternate governor for the team, according to NBA analyst Marc Stein.
Just a month ago, Adelson sold $2 billion worth of shares in Las Vegas Sands in an effort to fund the purchase of a professional sports team, with Sands announcing, despite early reports speculating that Adelson’s interest would be in a Las Vegas team, that the city is witnessing a professional sports renaissance with the relocation of the Las Vegas Raiders football team and the Oakland Athletics baseball team from Oakland, as well as the Las Vegas Aces women’s basketball team moving from San Antonio.
Forbes Valuation
Forbes estimates Cuban’s real-time net worth at about $6.2 billion, making him the founder of Broadcast.com and the low-cost pharmaceutical company Cost Plus Drugs the 455th richest person in the world. Forbes estimates Adelson’s net worth at around $32.5 billion, making her the 45th richest person in the world.
What to Watch
The deal is expected to close this week, granting Adelson control of the Mavericks team, which currently sits fifth in the Western Conference of the NBA. The Mavericks rank fifth in the Western Conference with a record of 18 wins and 12 losses, trailing by 4.5 games behind the first-place Minnesota Timberwolves, as the halfway mark of the NBA season approaches. The Mavericks did not qualify for the playoffs last year and were eliminated in the first round of the playoffs in the 2020-2021 and 2021-2022 seasons. The team has reached the NBA Finals twice, losing in 2006 and defeating the Miami Heat in 2011 to secure their only NBA championship.
Details
Cuban also announced last month his intention to leave the TV investment show “Shark Tank” at the end of the current season after a decade-long run. During that time, Cuban invested more than $29 million in at least 85 companies that pitched business ideas to a panel of well-known investors. Cuban shared the news on the podcast “All the Smoke,” acknowledging that he has struggled a bit in his investments from the show, although he said that the value of many of those investments is doing well, including “Dude Wipes” and “BeatBox Beverages.”
Further Reading
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