In a surprising turn of events, Mark Cuban, the billionaire owner of the NBA’s Dallas Mavericks, is reportedly set to sell a majority stake in the team to another billionaire, Miriam Adelson, widow of the late Sheldon Adelson. The deal, estimated at around $3.5 billion, is poised to reshape the dynamics of the Mavericks’ ownership.
Cuban, who purchased the Mavericks in 2000 for $285 million from Ross Perot’s group, has played a pivotal role in the team’s journey. According to Forbes, the franchise’s current valuation stands at an impressive $4.5 billion. The reported deal with Adelson signifies a substantial financial transition for both parties.
The news broke after Adelson, 78, disclosed in a Las Vegas Sands filing her intention to sell $2 billion in stock for acquiring a majority stake in a sports franchise. However, the filing remained discreet about naming the specific franchise involved, emphasizing a “binding purchase agreement.”
While Sportico was the first to report Cuban’s intention to sell to Adelson, The Athletic provided additional insights, stating that the deal would permit Cuban to retain shares in the team and continue overseeing basketball operations. Despite the excitement surrounding this development, the transaction awaits approval from the NBA.
This potential shift in ownership adds another layer to the ever-evolving landscape of professional sports. As the deal progresses, basketball enthusiasts and business aficionados alike eagerly await the NBA’s decision on this high-profile ownership transfer.
Source: Fox Business
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