Mark Cuban, the billionaire owner of the NBA’s Dallas Mavericks, will reportedly sell a majority stake in the team to billionaire Miriam Adelson, widow of late businessman Sheldon Adelson, according to multiple reports.
Mark Cuban attends a game between the Los Angeles Clippers and the Dallas Mavericks at Crypto.com Arena Nov. 25, 2023, in Los Angeles. (Allen Berezovsky/Getty Images / Getty Images)
The Mavericks and Cuban didn’t immediately respond to a request for comment.
Adelson said in a Las Vegas Sands filing earlier Tuesday she would sell $2 billion in stock to buy a majority stake in a sports franchise. But no franchise was named in the filing despite it saying there was a "binding purchase agreement."
Donald Trump presents Miriam Adelson, philanthropist and wife of billionaire Sheldon Adelson, chairman and CEO of Las Vegas Sands Corp., with the Presidential Medal of Freedom during a ceremony in the East Room of the White House in Washington, D.C., (Andrew Harrer/Bloomberg via Getty Images / Getty Images)
Sportico first reported that Cuban was going to sell to Adelson. The Athletic reported the deal would be worth around $3.5 billion and that Cuban would keep shares in the team and run basketball operations.
The deal will still need to be approved by the NBA.
Miriam Adelson and Sheldon Adelson attend Friends of The Israel Defense Forces' Western Region Gala at The Beverly Hilton Hotel Nov. 1, 2018, in Beverly Hills, Calif. (Shahar Azran/Getty Images / Getty Images)
Cuban bought the team in 2000 for $285 million from Ross Perot’s group. According to Forbes, the team is now valued at around $4.5 billion. Mat Ishbia bought the Phoenix Suns and the WNBA’s Phoenix Mercury from Robert Sarver for $4 billion in December. The deal was approved in February.
Adelson, 78, owns around 400 million shares of Sands worth $19 billion.