Mark Cuban, owner of the Dallas Mavericks, has reportedly been looking to sell a large percentage of his basketball team to Miriam Adelson, widow of the recently deceased Las Vegas casino billionaire Sheldon Adelson.
A source familiar with the negotiations between Cuban and Adelson confirmed to The Dallas Morning News of the proposed plans for a sale.
“Cuban, 65, would maintain operational control, the person said, but it’s unclear whether the pending deal would give the Adelson family less or more than a 50% stake in the Mavericks,” according to the outlet.
“The pending deal, if finalized and approved by the NBA Board of Governors, would merge the interests of Cuban and the Las Vegas Sands Corporation, which have planned to partner in building a Dallas resort casino and arena, if gambling is legalized in Texas,” it added.
Various reports have indicated a possible sale of the Mavericks, with Bloomberg News reporting that Miriam Adelson had been planning to sell $2 billion of Las Vegas Sands Corp. stock in order to buy “a majority stake in an unidentified professional sports team.”
Mark Cuban bought the Mavericks in January 2000 for a majority stake of $285 million. Forbes recently estimated the franchise is now worth $4.5 billion.
The sale of the Mavericks marks yet another shocking turn of events in Mark Cuban’s legacy after it was reported he’d be leaving the show Shark Tank after one more year.
“Next year, our 16th year, is gonna be my last year, so I got one more year to go,” Cuban recently said weekly Showtime podcast “All the Smoke.”
“We’ve trained multiple generations of entrepreneurs that if somebody can come from Iowa or Sacramento or wherever, and show up on the carpet of ‘Shark Tank’ and show their business and get a deal, it’s going to inspire generations of kids,” Cuban said.