Mark Cuban is reportedly set to sell a majority stake in the Mavericks to Miriam Adelson and the Adelson family, according to Shams Charania of The Athletic.
Cuban will reportedly sell a large portion of his stake at a valuation of $3.5 billion, but will maintain full control of basketball operations, per the report from Charania.
Miriam, widow to casino mogul Sheldon Adelson, sold $2 billion worth of stock in Las Vegas Sands Corp. on Tuesday in order to facilitate the purchase of a professional sports team, for which they already have a binding purchase agreement, according to Bloomberg.
Charania’s report indicates that it’ll be Dallas’s NBA franchise that the Adelson family is set to acquire a majority stake in, though Cuban, who has been a majority owner of the Mavericks since 2000, will retain operational control in what is an unusual agreement. Charania reports that Cuban will also retain a “strong stake” in the team.
Cuban purchased a majority stake in the Mavs in 2000 at a reported cost of $285 million.
