Billionaire investor Mark Cuban is divesting a majority stake in the Dallas Mavericks to Miriam Adelson and her family, as confirmed by a source familiar with the deal reported by CNBC.
Despite the sale, Mark Cuban will retain ownership in the team and continue to oversee basketball operations.
Miriam Adelson, along with her family, plans to fund the acquisition of the sports franchise by selling approximately $2 billion worth of Las Vegas Sands stock, representing around 10% of her stake in the company. Las Vegas Sands, in a filing on Tuesday, stated that the net proceeds from this stock offering, combined with additional available cash, will be used to purchase a majority interest in a professional sports franchise, subject to customary league approvals.
Miriam Adelson and her family are the largest shareholders in Las Vegas Sands. Forbes ranks her as the fifth richest woman globally. Following the death of her spouse, Sheldon Adelson, in 2021, the Adelson family inherited 56% of the shares of the world’s largest casino company. As of Tuesday’s market close, the value of shares owned by the Adelson estates exceeded $20 billion.
There are indications that Las Vegas, a burgeoning sports hub, might be a potential location for an NBA team. The WNBA’s Aces already play there, and the city is slated to host the final games of the NBA’s midseason tournament.
The league has not officially commented on the news, and CNBC reached out to both Mark Cuban and the Adelson family for comments.
Miriam Adelson’s shift to owning a sports franchise marks a departure from her and her late husband’s well-known activities. The Adelsons set records for political contributions, donating over $218 million to Republican and conservative causes in the 2020 election cycle alone, according to the Center for Responsive Politics. Recent reports indicate meetings between Miriam Adelson and GOP candidate Nikki Haley, as well as former President Donald Trump.
Miriam Adelson, a medical doctor, is widely recognized for her focus on addiction. Born in Israel, she has made substantial philanthropic contributions towards improving Jewish relations in the United States. Notably, she has voiced criticism of protests against Israel’s military response to Hamas’ terrorist attacks on October 7.