Mark Cuban, owner of the Dallas Mavericks, has sold a majority stake in the team to billionaire Miriam Adelson. The deal, which is valued at about $3.5 billion, will see Adelson become the controlling owner of the Mavericks, while Cuban will retain a minority stake and continue to oversee the team's basketball operations.
Adelson, the widow of casino magnate Sheldon Adelson, is the fourth richest woman in the world, with a net worth estimated at over $32 billion. She is the majority shareholder of Las Vegas Sands Corporation, a global leader in the hospitality and casino industry.
From $285 million to $3.5 billion
Cuban, a prominent entrepreneur and investor, bought the Mavericks in 2000 for $285 million. Under his leadership, the team experienced tremendous success, reaching the playoffs in 18 of 23 seasons and winning its first NBA championship in 2011.
The Cuban's tenure was also marked by his outgoing personality and involvement in various business ventures, including his role as an investor in the popular reality show show "Shark Tank". The sale of the Mavericks is seen by both sides as a strategic move.
Adelson, with his extensive financial resources and experience in the entertainment industry, aims to further elevate the Mavericks brand and expand their global reach. Considering the way of doing business, experience and acquaintances of Adelson, this will be the right move for Dallas.
Cuban, on the other hand, gets a powerful partner in Adelson and Las Vegas Sands, potentially opening up new opportunities for the team, including the possibility of a new arena in Las Vegas. Which would be a great marketing move.
The deal is still subject to approval by the NBA Board of Governors, but is expected to be finalized. The change in ownership is likely to cause excitement among Mavericks fans, who hope that Adelson's investment and Cuban's continued involvement will lead to even more success for the team in the years to come.
The fans reacted enthusiastically to this news and probably now have championship ambitions for the next season. Dallas has always been a quality and respectable team, will this be a turning point for them?