Mark Cuban working on $3.5B sale of Dallas Mavericks to Sands casino family, AP source says

Mark Cuban is currently in negotiations to sell a majority stake in the Dallas Mavericks, the NBA team he owns, to the family behind the Las Vegas Sands casino empire, according to a confidential source. This potential deal is estimated to be valued at around $3.5 billion and is expected to undergo a thorough review process by the NBA, which may take several weeks. It’s important to note that the details of this transaction have not been publicly disclosed, and the source requested anonymity.

Under this agreement, Mark Cuban would maintain control over the basketball operations of the Dallas Mavericks. Notably, NBA reporter Marc Stein was the first to report on the prospective sale.

The entity controlled by Miriam Adelson, the widow of the renowned casino magnate Sheldon Adelson, recently announced the sale of $2 billion worth of her shares with the intention of acquiring an unspecified professional sports team.

Mark Cuban expressed his interest in collaborating with the Sands nearly a year ago. He has been an advocate for legalizing gambling in Texas, although this initiative did not progress through the state Legislature during the most recent session.

Mark Cuban, 65 years old, achieved widespread recognition after purchasing the Dallas Mavericks in 2000. At that time, the team was considered one of the weakest in professional sports, but under Cuban’s ownership and with the contribution of star forward Dirk Nowitzki, it transformed into one of the league’s strongest franchises.

Miriam Adelson holds the controlling stake in Las Vegas Sands Corp., a publicly traded company known for building the Venetian and Palazzo resorts, but which now focuses exclusively on casino operations in Macau and Singapore.

The recent SEC filing by the company disclosed the $2 billion stock sale but did not specify the sports team, league, or location targeted for purchase, all of which remain undisclosed at this point.

Miriam Adelson, aged 78, a medical doctor and the widow of Sheldon Adelson, who was a billionaire and the founder of Las Vegas Sands, plans to retain 51.3% of company shares following this sale. The Adelson family also owns the Las Vegas Review-Journal, Nevada’s largest newspaper.

The company’s SEC filing indicated that the net proceeds from this offering, in combination with additional cash reserves, would be utilized to finance the acquisition of a majority interest in a professional sports franchise, subject to the customary approval process of the respective league. In the NBA, vetting potential new owners typically takes several weeks, with final approval granted by the league’s Board of Governors.

Mark Cuban had previously expressed his desire to construct a new arena in downtown Dallas that would also function as a casino resort. However, the prospects for legalizing gambling in Texas face substantial challenges, as the state has been under Republican leadership for the past three decades. Despite efforts in the last legislative session to push for a vote on a constitutional amendment, the measure did not advance beyond the committee stage.

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