Mavs Rumors: Mark Cuban in Process of Selling ‘Significant Stake’ in Team to Adelsons
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Dallas Mavericks governor Mark Cuban is set to sell a “significant stake” in his team to the Adelson family, per longtime NBA reporter Marc Stein.
Shams Charania of Stadium and The Athletic provided more details.
Earlier Tuesday, Christopher Palmeri and Gillian Tan of Bloomberg reported that Miriam Adelson, the widow of casino magnate Sheldon Adelson, was selling $2 billion in stock so her family could “acquire a majority stake in an unidentified professional sports team.”
“Miriam Adelson, the widow of casino magnate Sheldon Adelson, is selling $2 billion of stock in Las Vegas Sands Corp. so the family can acquire a majority stake in an unidentified professional sports team.
“The family already has a binding purchase agreement for a team, according to a regulatory filing Tuesday. The Adelsons will use the proceeds from the offering as well as cash on hand to purchase the team, ‘subject to customary league approvals.'”
The 65-year-old purchased a majority stake in the Mavs in January 2000 for $285 million. According to Forbes, Dallas is the seventh-most valuable NBA franchise as of October 2023 at $4.5 billion. Cuban has a net worth of $6.2 billion, per Forbes.
The Cuban news coincidentally arrived on the same day that he revealed he was leaving the show Shark Tank after next year during an appearance on the All the Smoke podcast.
Cuban’s NBA governorship will continue despite selling a stake in the team, and that’s good news for the Mavs, who have found sustained success in his era after being one of the NBA’s worst franchises in the 1990s.
The Mavs failed to make the playoffs for 10 straight seasons from 1990-91 to 1999-00. Dallas then made them for 12 straight years beginning with Cuban’s first full season (2000-2001) through 2011-2012, winning the team’s first championship in 2011.
Dallas has 18 postseason appearances in 23 full seasons under Cuban and appears on pace to head back there again after a solid 10-6 start this year.