Las Vegas Sands Owner Miriam Adelson to buy Majority Stake in Dallas Mavericks from Mark Cuban
Miriam Adelson, the owner of Nevada-based global casino giant Las Vegas Sands, is reportedly in the process of acquiring a majority stake in the NBA’s Dallas Mavericks from current owner Mark Cuban (pictured).
This acquisition, valued at approximately $3.5 billion, is being funded by Adelson’s sale of $2 billion in Las Vegas Sands stock.
Las Vegas Sands has confirmed Adelson will be selling 10% of her stock in the company founded by her late husband, Sheldon Adelson. Shares will be made available to purchase at $48.56 each. Sands is expected to buy back some $250 million worth of shares itself, it said in a statement.
Recently we reported on Mavericks owner Cuban’s reiteration of his long-held desire to open the market for Texas casinos. His preferred partner in that project is Las Vegas Sands.
A Historic Sale in the Works
The potential sale of the Mavericks to Adelson represents one of the most significant transactions in U.S. professional sports history.
Cuban, the high profile billionaire who has owned the Mavericks for nearly 24 years, is expected to maintain day-to-day control of the team even as he sells the majority stake.
The Mavericks were valued at around $4.5 billion by Forbes last month. Under Cuban’s ownership, they have been a high-profile NBA team with a strong history that includes an NBA title in 2011.
Cuban is also a prolific investor in other fields and has appeared regularly on ABC’s reality TV investment show, Shark Tank, since 2011.
Related: Basketball Legends online slot, reviewed and rated
Miriam Adelson’s Big Bet
Miriam Adelson’s decision to sell a substantial portion of her Las Vegas Sands shares marks her first significant divestment since the passing of her husband, Sheldon Adelson, in January 2021.
This sale significantly reduces the Adelson family’s holding in the company, while freeing up capital for the Mavericks’ acquisition. The transaction is pending approval by the NBA’s Board of Governors.
Las Vegas Sands has not operated any U.S. casinos since selling off its Nevada casinos shortly after Sheldon Adelson’s death.
That could change in the future, as Sands is currently looking at returning to the U.S. It is competing in a packed field of potential New York casinos, with a planned multibillion resort in Nassau County, Long Island.
Future Possibilities
Then there’s the long-held of dream of Texas casino resorts. Under Sheldon Adelson’s leadership, Sands spent millions lobbying and campaigning for legal casino resorts in the Lone Star State without much success.
That interest has cooled off since the founder’s passing, as Sands has focused on rebounding its giant casino resorts in the Asian market.
However, the easy link to make with this new giant deal is that Cuban could use the cash he makes to help finance his idea for a Dallas-Fort Worth area casino resort, potentially in collaboration with Sands.
There are also sporting considerations to this deal.
Las Vegas-based Sands may not have any casinos in Sin City right now. But bringing back to life the dream of a Las Vegas NBA team would be a triumphant homecoming for the operator.
However, the likelihood of relocating the Mavericks to Las Vegas is considered low.
One such dream ended this week with the final nail in the coffin of the All Net Arena project, but other competitors are circling.
In this case, Mavericks fans shouldn’t be too worried.
Adelson’s acquisition is widely seen as an investment opportunity as is, given the rarity and high value of sales in U.S. professional sports franchises.
NBA Ownership Shakeup
Should the purchase be finalized, Adelson will join a select group of NBA owners with significant ties to the U.S. gambling sector, alongside Tilman Fertitta, owner of the Houston Rockets and the Golden Nugget casino empire.
This move would also make her one of the few female majority owners in the NBA, joining Jeanie Buss of the Los Angeles Lakers.
Back in 2000, Cuban paid $285 million for a majority share in the Mavericks. That would make him a tidy 12 times his initial investment if it is a $3.5 billion sale.
That would put the team in line with the last two NBA teams to change hands, the Charlotte Hornets and the Phoenix Suns. Those two sold for $3 billion and $4 billion, respectively.
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