Mark Cuban plans to sell a majority ownership of the Dallas Mavericks to the family that runs the Las Vegas Sands casinos.
Who’s that?
Miriam Adelson, the widow of casino magnate Sheldon Adelson, runs the international gambling company Las Vegas Sands Corp., which founded the Venetian hotel in Las Vegas and owns luxury resorts in Macao and Singapore. According to Forbes, the Adelson family is worth $32.3 billion.
What’s the deal?
According to the Dallas Morning News, Adelson plans to purchase more than 50% of an NBA team — although the full amount hasn’t been confirmed — and will be a majority owner.
Earlier this week, Adelson announced she would sell $2 billion of her shares in Las Vegas Sands Corp. to acquire a majority stake evaluated at $3.5 billion.
When finalized, the binding agreement has to be approved by the NBA Board of Governors, which will take some weeks.
What about Mark?
The outgoing “Shark Tank” billionaire plans to retain ownership stake and control over basketball operations of the $4.5 billion franchise. He has owned a majority stake since 2000 when he purchased the team from Ross Perot, Jr. for $285 million.
Cuban and Las Vegas Sands are also in talks to partner on a new resort casino and arena in Dallas if gambling is ever legalized in Texas.
What’s next for the Mavs?
The team will continue dribbling through the 2023-2024 season — currently 11-6 — taking on the Memphis Grizzlies tomorrow at 6:30 p.m. Grab tickets to the game at American Airlines Center.