By TheNuts - Nov 29, 2023
Miriam Adelson Buys A Majority Stake Of The Dallas Mavericks
Mark Cuban is selling the Dallas Mavericks to the Adelson family and Miriam Adelson, the late Sheldon Adelson's widow, in an NBA deal that comes as shocking news. To pay for the acquisition, Adelson, the company's largest shareholder, is selling almost $2 billion worth of Sands stock. An additional partner in the team's acquisition is the Dumont family.
Las Vegas Sands will repurchase roughly 5.8 million shares for nearly $250 million when the stock transaction concludes.
Given that he is undoubtedly the most well-known NBA franchise owner, it is quite surprising to learn that, after 25 years, Cuban will no longer hold a majority ownership position in the team. Remarkably, he also declared last week that he was quitting the popular TV program "Shark Tank" after 16 seasons.
Adelson and the Dumonts underpaid the Mavericks, too, since Forbes valued the team at $4.5 billion last year—the seventh-highest NBA valuation—based on a franchise valuation of roughly $3.5 billion.
Because he will still have operational control over the company, Cuban's willingness to accept less than he otherwise should could be explained. One of the sports industry's most involved owners is Cuban. Cuban might have negotiated for a larger salary if Miriam Adelson had desired to be in charge of the business or appoint her own person or individuals.
It's no accident that Mark Cuban sold to Miriam Adelson. He's been friends with the Adelsons for a long time (billionaires hang out with billionaires), and in 2017 the family gave him the In Pursuit of Excellence Award during a scholarship fund-raising event.
Additionally, Cuban has stated for years that he intends to construct a new arena that is connected to a larger entertainment complex that would house a casino. However, casino gaming
is not permitted in Texas. Cuban has attempted to make it so by lobbying state legislators.
Not too long ago, he stated to The Dallas Morning News, "My objective, and we would work with Las Vegas Sands, is that our new arena will be built in the heart of a resort and casino. That is the goal.
Although the Dallas Mavericks were established in 1980, they never enjoyed significant long-term success until Cuban paid $285 million to purchase the team from Ross Perot, Jr. in 2000. Prior to Cuban's ownership, they were contenders right away, and in more than 20 years, they had only missed the playoffs four times.
Under Cuban, the Mavericks have advanced to the NBA Finals twice (and all of the team's history). They suffered a 2006 loss to the Miami Heat, but in 2011 they exacted retribution, defeating the Heat to earn the team's lone NBA championship.