Mark Cuban, Miriam Adelson.Photo:John Lamparski/Getty Images; Michael Tullberg/Getty Images
John Lamparski/Getty Images; Michael Tullberg/Getty Images
Mark Cubanis reportedly selling his majority stake in the Dallas Mavericks to American-Israeli billionaire Miriam Adelson and the Adelson family, according to multiple outlets.
League sources toldThe Athleticon Tuesday that Cuban, 65, will sell his stake to Miriam and the Adelson family for an estimated $3.5 billion. TheShark Tankstar intends to maintain full control over the franchise’s basketball operations should the league approve the transaction.
TheAssociated Presssaid it could take weeks for the league to approve new ownership.
Miriam — the 35th richest person in the world this year, according toForbes— is the largest shareholder of Las Vegas Sands and the widow of Sheldon Adelson, founder of Sands. PerCNBC, Miriam and her family inherited 56% of the Sands shares when Sheldon died in 2021.
On Tuesday, a Sandsfilingwith the Securities and Exchange Commission revealed that the Adelson family was selling $2 billion of their stock in the casino company to fund “the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement.”
Mark Cuban.Mike Stobe/Getty
Mike Stobe/Getty
NBA insider Marc Stein wasfirstto report the news on Tuesday.
When reached for comment, director of communications for the Mavericks, Alan Rakowski, said to PEOPLE, “Please refer to the Adelson family for comment.” A representative for Las Vegas Sands did not immediately return PEOPLE’s request for comment.
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“The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise. Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond,” the statement read.
“The goal is to win and to have a team that proudly represents the greater DFW area and serves as a strong and valuable member of the local community,” the two families concluded. “We believe that with this partnership and our commitment to the team, the community and the fans, the future is bright for the Dallas Mavericks.”
Mark Cuban, Jake Cuban, Alyssa Cuban, and Alexis Cuban attend the 69th NBA All-Star Game on February 16, 2020 in Chicago, Illinois.Kevin Mazur/Getty
Kevin Mazur/Getty
League sources told The Athletic that Cuban, who purchased the Mavericks in 2000 for $285 million, was impressed with Miriam’s experience in real estate and arena development. Last year, he expressed interest in partnering with Sands to build a casino and resort in Dallas with space for the Mavericks.
Prior to her interest in sports ownership, Miriam was a physician with strong philanthropic ties to the GOP.
According toForbes, she is a “megadonor” to the party, and she and Sheldon gave over $218 million during the 2020 election cycle to conservative candidates and efforts. Among the Republican politicians she has financially supported, former president Donald Trump received $75 million from the billionaire couple during his 2020 campaign run,CNNreported at the time.
Matan Adelson, Miriam and Sheldon’s son, headed a group investing $20 million in Israeli basketball team Hapoel Jerusalem, according to a report fromThe Jerusalem Post.Gal Mekel, a former Dallas Mavericks player, signed onto Hapoel as a minority shareholder and basketball consultant.
Matan said theJerusalem Post,“I met Gal when he was playing with theDallas Mavericksand they were in Los Angeles." He added, “We rekindled our friendship when I came to Israel and it was clear early on that he resonated with my vision, which instilled great confidence in me that he would bring tremendous value to this team.”
source: people.com
