Mark Cuban Selling Majority Stake In Dallas Mavericks To Casino Magnate Miriam Adelson, Report Says

Topline

Entrepreneur and Dallas Mavericks owner Mark Cuban is selling a majority stake in the basketball team to billionaire Miriam Adelson, the largest shareholder at casino chain Las Vegas Sands, according to the Athletic, in a deal that would allow Cuban to maintain shares in the team and continue as its head of basketball operations.

Cuban owns an 85% stake in the Mavericks. (Photo by Mitchell Leff/Getty Images)

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Key Facts

Cuban is selling a majority stake to Adelson and her family for a valuation in the range of $3.5 billion, according to Shams Charania, a reporter with the Athletic.

Marc Stein, an NBA insider, tweeted that Cuban would continue to retain operational control of the team.

The development comes hours after Las Vegas Sands announced that Adelson is selling $2 billion of her shares to purchase an unnamed sports franchise.

The share sale will account for about 10% of Adelson’s stake in Las Vegas Sands, CNBC reported.

Cuban did not immediately respond to Forbes’ request for comment.

Big Number

$280 million. That’s how much Cuban spent to buy the Mavericks in 2000.

Forbes Valuation

We estimate Cuban’s net worth at $6.2 billion, with a large portion of his wealth coming from his 85% ownership stake in the Mavericks. Cuban also holds various stakes and investments in companies like Cost Plus Drugs and Magnolia Pictures. Adelson and her family’s estimated net worth sits at $32.3 billion, ranking her as the 44th-richest person in the world.

Tangent

Cuban told the Dallas Morning News last year that he had a goal to partner with Las Vegas Sands and build a new Mavericks arena—one that would be located in the middle of a Las Vegas-style resort and casino.

Key Background

Cuban decided to buy the Mavericks after its home opener in 1999, according to GQ. He held an 85% stake in the team as of last year, which represented nearly half of his wealth at the time. The Mavericks have won a championship during Cuban’s time as owner, defeating the Miami Heat in the 2011 NBA Finals. Adelson and her family own more than half of Las Vegas Sands, which sported a $36.4 billion market cap as of Tuesday. Adelson and her late husband, Sheldon, are also GOP megadonors. In 2020, the two donated $180 million to Republican campaigns and political action committees.