Mark Cuban, the long-standing majority owner of the Dallas Mavericks, has agreed to sell a majority stake in the NBA franchise to Miriam Adelson, the wife of the late casino magnate Sheldon Adelson. The deal, valued at approximately $3.5 billion, marks a significant transition for the team. However, Cuban will maintain a minority stake and continue to oversee basketball operations, according to a report by The Athletic’s Shams Charania.
The Dallas Mavericks deal is fascinating.
Mark Cuban turns $285 million into $3.5 billion & maintains control — an unprecedented move in sports.
In return, the Adelson family gets a discount on an asset they'll own for a long time.
Feels like a win-win.pic.twitter.com/WCctAZSf9A
— Joe Pompliano (@JoePompliano) November 29, 2023
Mark Cuban: Dallas Mavericks’ Majority Ownership Transfers to Adelson Family
Cuban’s association with the Mavericks has been deeply intertwined with his public persona, making this ownership transfer all the more surprising. Since purchasing the team for $285 million in 2000, Cuban has led the Mavericks to great success, including their memorable NBA championship win in 2011. Under his ownership, the team has been consistently competitive, securing playoff berths in all but six seasons.
Mark Cuban purchased the Mavs for $285M in 2000
Today he sold a majority stake for $3.5B 🤯 pic.twitter.com/ysXETZgF43
— Bleacher Report (@BleacherReport) November 29, 2023
The timing of this sale raises eyebrows, as Cuban recently announced his departure from ABC’s “Shark Tank” after 16 seasons. His decision to step away from the popular program, where he has invested millions in various entrepreneurial ventures, coincides with the transfer of ownership.
Miriam Adelson’s involvement in the sale comes after Las Vegas Sands Corp., a company in which the Adelson family holds a significant stake, revealed her intention to sell $2 billion in company shares. The proceeds from this offering will reportedly be used to finance the acquisition of a majority interest in a professional sports franchise. Furthermore, there are plans for a partnership between Cuban and Sands to establish a casino and arena venture in Dallas, contingent upon the legalization of gambling in Texas.
Miriam Adelson, a former physician in Israel and the United States, married Sheldon Adelson in 1991. Together, they opened the Dr. Miriam and Sheldon G. Adelson Research Clinic in Las Vegas in 2000. Sheldon Adelson passed away in 2021 at the age of 87 due to complications related to non-Hodgkin’s lymphoma treatment. Both Miriam and her late husband have been notable contributors and supporters of conservative and Israeli causes.
The transfer of majority ownership from Mark Cuban to Miriam Adelson marks a significant shift in the Dallas Mavericks’ ownership landscape. While Cuban will retain a minority stake and continue to oversee basketball operations, the team’s future will undoubtedly be shaped by this unexpected development.