Mark Cuban is selling a majority stake of the Mavericks franchise but in an unusual arrangement, he’ll retain full control of basketball operations.
The casino tycoon Adelson family is in the process of buying a major share in the franchise, according to Marc Stein (Twitter link). Cuban is selling the majority stake to billionaire Miriam Adelson – widow of late businessman Sheldon Adelson – and the Adelson family for a valuation in the range of $3.5 billion, according to Shams Charania of The Athletic (Twitter link). Cuban bought the Mavericks for $285MM in 2000.
In an SEC filing, Sheldon Adelson’s family said it is selling $1.9 billion in Las Vegas Sands stock to buy a “majority interest in a professional sports franchise.” It also stated that a deal is in place, pending league approval, Eben-Novy Williams of Sportico tweets. The sale of the Mavs would have to be approved by the league’s Board of Governors.
Earlier this year, Mat Ishbia and his group paid $2.28 billion for a 57% stake of the Suns. That’s the equivalent of a $4 billion valuation.
Cuban and the Las Vegas Sands Corporation had already planned to form a partnership to build an arena and casino in the Dallas area if gambling is legalized in Texas, Brad Townsend of the Dallas Morning News notes.
“My goal, and we’d partner with Las Vegas Sands, is when we build a new arena it’ll be in the middle of a resort and casino,” Cuban said last year. “That’s the mission.”
Cuban, 65, is one of the most recognizable owners in any professional sport. He’s got a variety of business ventures and is the star of the TV show “Shark Tank,” though word broke on Monday that he’ll be leaving the ABC show next year.
I didn’t know Mark Cuban was 65
Nit that 65 is old, I thought he was like 10 years younger
Probably because he acts like a 13 year old at the games. ;-)
Dallas people losing their NBA team what a shame. Billionaires don’t care about their fans just money.
Umm … did you read the entire article? Dallas isn’t going anywhere.
Oakland was told the same thing an bout the A’s. Never trust a billionaire. Notice if gambling is legalized. There is the excuse to move them. I hope you are right they are staying
yes because the mavericks who ranked 3RD in average attendance AND play in a top 5 market would be so intrested of moving
A’s were moved to a much smaller market and losing a lot of TV rights money.
The Oakland A’s had one of the worst MLB attendence EVER. The teams was one of the worst in baseball, their owner was despised for being cheap and blowing up the team every week.
Meanwhile the Mavericks are a well renowed franchise, that are contenders in the west with a very supportative fanbase,
Also Oakland is not a bigger market then Las Vegas thats just not true at all
Oakland is in a bigger market. Reason A’s are trying to keep them playing pass the 2024 season so they can keep the TV rights money. Next time research the numbers. You know that is true since Chicago market is a shared market too.
A’s problem been the owner the cheapest in baseball. Would you go to a game if they traded away all the starters from last year and raised prices? That is a NO. So look up the last time the A’s signed a top 20 free agent. Ge back to me on that.
WTF DOES THIS HAVE TO DO WITH DALLAS MAVERICKS
It has to do with your previous trashing of Oakland. So answer the question? You seem to have a attitude problem against Oakland. So if you actually answer the question you prove my point.
I was explaining how Oakland A’s had worst situation and thats why they move, Dallas on the other hand has one of the best fanbases and markets in sports. And you say that I have a attiude problem vs Oakland when were both literally saying the same things bout their Owner: your words: “A’s problem been the owner the cheapest in baseball. Would you go to a game if they traded away all the starters from last year and raised prices?” No I wouldn’t I literally agree with you but you proving yourself wrong by saying that,
reason nobody goes to oakland games is cuz they have awful ownership
I dont see how you can already predict that the new Dallas ownership is gonna be so awful that they end up leaving Dallas
Because when you looked it up its been over 30 years since they signed a top 20 free agent. Its been over 30 years since they even signed one of their own top free agents. MLB didn’t care they had a terrible owner and even helped him move.
buddy again we are NOT TALKING ABOUT THE A’S. WE BOTH AGREE JOHN FISHER IS A TRASH OWNER. I said so myself: “their owner was despised for being cheap and blowing up the team every week.” But what the f*** does this have to do with you saying the Dallas Mavericks are now gonna become the Oakland A’s and move… plz stop with this Oakland bs
sure. they decided to build a new arena and resort and then move.
Yea let’s move the team from the 4th or 5th largest media market in the US and move the team to the 40th largest media market in Vegas. Smart.
Tell John Fisher that he refused to sell to local owners and instead being paid $380 million by Vegas tax payers to move the team.
Why are we all comparing Oakland and their scrap heap stadium (with low attendance numbers) to Dallas. The Mavs have the NBA record for consecutive sellout games (2001-present).
What happens if they don’t get their gambling laws changed? Oakland was told for 5 years the A’s were moving to Howard terminal told all needs to be done is paperwork signed in 2 weeks and then boom silence from them for 6 months and announcement of Vegas. Oakland had the top attendance for a while until sold to cheap owners who NEVER signed a top free agent. Don’t believe a new stadium until they build it.
what the f*** does gambling laws have to do with a NBA team
Your so dum for comparing Oakland to Dallas. Thats the equivliant of comparing the United States to like North Korea
So what happens if they don’t get gambling laws changed to build the casino and ballpark? Do you still think they will build the stadium? The new owner makes all of his money on casinos.
and he will keep making money on his casinos, no other team has ever moved just for the sake of installing gambling machines
No team ever moved without having a stadium plan in detail done and all details worked out. Oh wait The A’s still have no financing or details on stadium done.
again what does the A’s have to do with the DALLAS Mavericks! you are comparing apples and oranges, the A’s are a one of a kind stupideity
Don’t ever trust a owner of a team even if they claim they will stay. Vegas been wanting a NBA team more than any other sport. I don’t know of any ties he has to the Dallas area.
theres very little chance any NBA team moves anytime soon. BUT DEF NOT THE DALLAS MAVERICKS. NUMBER 1 in attendance at their stadium, have a top 5 market, good team with a top 3 player, a very liked head of operations in Cuban. This team will always be in Dallas, besides you know nothing bout this new owner, just because john fisher who is 1/120 owners across the 4 major sports, just cuz fisher is a lier doesnt mean every other one is too
I thought this was good news for Luka fans…
Nope Mark from Cuba is still gonna be heavily involved…
Ya just have to be lucky to make it like Mark…
#FreeLuka
At least there’s a small chance he gives up control of bball ops at some point down the line. Baby steps.
Just read an article this morning that this will be his last year on shark tank. Said his cash on hand is low but businesses are doing well.
I guess this will help solve the cash on hand.
He didn’t say that, he said he has lost money on his deals on the show, but has gained money in terms of evaluations
Cuban is waiting for Texas to legalize gambling. And they will soon. Even if it’s on Indigenous land. That’s his next move. A casino ….. that’s who the Adelsons are.
As a Indigenous person please don’t call us Indigenous it’s so insulting
I am old enough to remember when a franchise would never be sold to any gambling enterprise. DeBartolo was denied for this very reason. How quaint that was.