Dallas Mavericks owner Mark Cuban is selling a majority stake of the franchise to Miriam Adelson and her family for a valuation in the range of $3.5 billion, The Athletic reported on Tuesday, citing league sources.
Cuban will retain shares in the team and full control of basketball operations, according to the report.
Adelson, the largest shareholder of Las Vegas Sands, announced Tuesday she was selling $2 billion worth of stock in the company, marking approximately 10 percent of her stake.
“We have been advised by the Selling Stockholders that they currently intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals,” Las Vegas Sands said in the SEC filing.
Adelson is listed as the fifth richest woman in the world by Forbes. She and her family inherited 56% of the shares of the world’s largest casino company when her spouse, Las Vegas Sands founder Sheldon Adelson, passed away in 2021.
Adelson is well-known for her significant philanthropic donations toward causes that improve Jewish relations in the United States. She is also the owner and publisher of the Israel Hayom daily newspaper.
Cuban, a Jewish entrepreneur who grew up in Mount Lebanon, Pennsylvania, purchased the Mavericks for $285 million in January 2000. Last season, Cuban made headlines when he acquired point guard Kyrie Irving from the Brooklyn Nets, even after Irving came under fire for promoting an antisemitic film.
In the offseason, Irving re-signed with the Mavericks on a three-year contract.