Mavericks' Mark Cuban to Sell Majority Stake: Adelson Family Enters NBA Ownership Arena

In a surprising turn of events, Dallas Mavericks owner Mark Cuban is reportedly selling a majority stake in the team. Longtime NBA reporter Marc Stein and The Athletic's Shams Charania reveal that the Adelson family, led by billionaire Miriam Adelson, is in the process of acquiring this substantial share. Despite the sale, Mark Cuban is set to retain control as the franchise's primary owner.

Sources: Mark Cuban is selling a majority stake of the Dallas Mavericks to Miriam Adelson and casino tycoon Adelson family for valuation in range of $3.5 billion. In one of most unique setups in NBA history, Cuban keeps shares in team and full control of basketball operations. pic.twitter.com/9iTqZvoGX1

— Shams Charania (@ShamsCharania) November 28, 2023

Miriam Adelson, recognized as the largest shareholder of the Las Vegas Sands, has strategically sold approximately $2 billion worth of stock in the company to facilitate her venture into sports team ownership, particularly the Mavericks. The transaction values the team at an impressive $3.5 billion, a significant investment even though Forbes had valued the Mavericks at approximately $4.5 billion, ranking them as the seventh-most valuable franchise in the NBA. For context, the Golden State Warriors lead this list with a valuation of $7.7 billion. Miriam Adelson, the fifth-richest woman globally according to Forbes, inherited a substantial portion of Las Vegas Sands following her husband's passing in 2021.

This move aligns with Mark Cuban's vision, articulated last year, to relocate the Mavericks to a cutting-edge arena situated within a resort and casino. He expressed a desire to partner with Las Vegas Sands, the world's largest casino company, to bring this vision to life. Although sports betting and casinos remain prohibited in Texas, partnering with Adelson and Sands could significantly advance these plans. The Mavericks currently call the American Airlines Center near downtown Dallas home, a venue they have occupied since 2001.

Mark Cuban, who initially acquired the Mavericks in 2000 for around $285 million, has overseen a transformative era for the team. Bolstered by the legendary Dirk Nowitzki, the Mavericks secured playoff berths in almost every season, culminating in their triumphant NBA title victory against the LeBron James-led Miami Heat in 2011. The team, now under head coach Jason Kidd, boasts a 10-6 record this season.

In tandem with this ownership development, Mark Cuban has also announced his departure from the popular show "Shark Tank" after its 16th season next year. Having been a regular "shark" since 2011, Cuban's decision marks the end of an era on the CNBC hit show.