Mark Cuban is selling majority ownership of the Dallas Mavericks to Miriam Adelson, widow of Las Vegas casino magnate Sheldon Adelson, and her family, according to multiple reports.
The deal would give the Dallas Mavericks franchise a valuation of around $3.5 billion, according to the Associated Press. Cuban will continue his role as governor of the Mavericks and retain control of all basketball operations despite no longer being majority owner, ESPN reported. NBA reporter Marc Stein was the first to break the story in a Substack article.
Cuban has been the Mavs’ owner since 2000, when he snapped up a majority stake for $285 million. Selling his majority stake would require approval by the NBA Board of Governors.
Citing an SEC filing, ESPN said the Adelson family is selling nearly $2 billion in stock in the Las Vegas Sands Corp. “to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals.”
The news hit North Texas with something of a shock wave late Tuesday, leading to a series of aftershocks and follow-up stories about why the sale happened—and what shoes may drop next.
Cuban says he’s not planning a presidential run
NBC News put two and two together (the other “two” being Cuban’s announcement earlier this week that he’s leaving ABC’s “Shark Tank” after Season 16), and wondered if Cuban was clearing his decks for a move to the White House.
So, is Cuban planning to launch a surprise run for U.S. president in 2024? “No plans to run,” Cuban told NBC News, according to a report published Wednesday.
But something else is causing even more buzz: the fact that billions of dollars of Las Vegas casino money seems to be pouring into a Dallas sports team. Could an actual Dallas casino be far behind?
‘Casino entertainment district’ in Dallas’ future?
According to ESPN, the Las Vegas Sands Corp. has talked with Cuban in the past about developing a “casino entertainment district” in Dallas, complete with an all-new arena for the Mavericks.
Currently, gambling is illegal in Texas, so before that could happen, some laws need to change in Austin. Both the Adelson family and Cuban have lobbied state politicians in Texas about clearing the way for casino gambling to be allowed in the state, according to multiple reports. And according to the Dallas Morning News, Miriam Adelson donated $1 million last year to Gov. Greg Abbott’s reelection campaign.
Meanwhile, the Mavericks continue to take the court. The team beat the Houston Rockets 121-115 Tuesday night at American Airlines Center in downtown Dallas. And all those fans cheering on the victory? They were no doubt buzzing about the Cuban-Adelson news too.
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