Mark Cuban in serious talks to sell significant share of Dallas Mavericks to Adelson family
The Adelson family is in serious discussions with Dallas Mavericks owner Mark Cuban to purchase a significant share of the NBA franchise, a person familiar with negotiations told USA TODAY Sports.
The person requested anonymity because they were not authorized to speak publicly about the deal.
Miriam Adelson, the widow of Las Vegas Sands Corp. founder Sheldon Adelson, and her family in an SEC filing dated Tuesday said it is selling $2 billion of LVS stock and “they currently intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals.”
Cuban would retain shares of the team and remain the governor, the person said. Cuban on Monday announced the 16th season of 'Shark Tank' will be his last.
He bought the franchise for a valuation of $285 million in 2000. While the exact purchase price is not yet determined, Mat Ishbia purchased the NBA’s Phoenix Suns and WNBA’s Phoenix Mercury for a $4 billion valuation a year ago.
Earlier this year, Adelson’s son, Matan Adelson, bought Hapoel Jerusalem of the Israeli Basketball Premier League.
Cuban has been one of the league’s most prominent owners in the past two decades and one of the most fined, racking up nearly $4 million in fines — and that doesn’t include $10 million Cuban donated to women’s groups following an investigation into a toxic work environment, including sexual harassment and workplace misconduct, within the Mavericks’ organization.
The Mavericks have made two Finals appearances under Cuban, winning the 2011 title against the Miami Heat and LeBron James.
As noted in the SEC filing, a sale is subject to approval by NBA owners.
NBA reporter Marc Stein first reported the news.