Mark Cuban, currently known as the owner of the Dallas Mavericks, is selling a majority stake in the franchise to Miriam Adelson and her family. The Adelson family is in the works of paying Cuban a whopping $3.5 billion. Unfortunately, it may take a while due to the pending approval by the NBA Board of Governors.
Cuban will retain control of the team’s basketball operations despite the sale.
The Mavericks, valued at approximately $4.5 billion, proudly stands in seventh place amongst NBA franchises, according to Forbes. It is notably behind the Golden State Warriors at $7.7 billion. Furthermore, Cuban originally bought the team back in 2000 for around $285 million. Hence, Cuban has raised the team’s price, selling the majority of its stakes for $3 billion, as mentioned earlier.
This was due to Maverick’s considerable success under his ownership. Additionally, the team made it into playoffs in most seasons and secured an NBA championship in 2011. Currently, the team stands at a 10-6 record for the latest season.
More about Miriam Adelson
Miriam Adelson, the buyer, is one of the richest people in the world. She is currently ranked fifth amongst the richest women and 44th among everybody else. Forbes gave this data.
Adelson previously sold approximately $2 billion in Las Vegas Sands stock to invest in sports ownership. With a net worth estimated at $32.3 billion, Adelson inherited a majority stake in the Sands group after her husband’s passing in 2021.
The Sands group, led by Adelson and her son-in-law Patrick Dumont, had discussions with Cuban about potential plans to construct a casino entertainment district in Dallas. This includes a new Mavericks arena. However, these plans could only come into a reality once gambling becomes legal in Texas.
The acquisition of a majority stake in the Mavericks by the Adelson family stands as a notable development in NBA ownership. This signals potential future changes in the franchise’s direction and ambitions, especially concerning plans for a new arena and the team’s financial structure.
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