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Silvia Pavlof November 29, 2023 2 min read
Miriam Adelson to Acquire Majority Stake in Dallas Mavericks
Mark Cuban, who acquired the Mavericks in 2000, will maintain a share of ownership and continue his role in overseeing basketball operations
Miriam Adelson, widow of casino magnate Sheldon Adelson, is set to acquire a majority stake in the NBA’s Dallas Mavericks from tech billionaire Mark Cuban. The move comes as Miriam Adelson plans to sell $2 billion worth of stock in Las Vegas Sands, paving the way for the Adelson family to enter the realm of professional sports ownership.
Dallas Mavericks’ Valuation Skyrockets to $3.5B in Adelson Family’s Major Deal
The Adelson family has a binding purchase agreement for the Dallas Mavericks, with the franchise’s total valuation now soaring to $3.5 billion, according to reports from Bloomberg. Mark Cuban, who purchased the Mavericks in 2000 for $285 million from H. Ross Perot Jr., will retain partial ownership and continue to oversee basketball operations.
This strategic acquisition is fueled by the Adelsons’ decision to sell $2 billion in Las Vegas Sands stock, representing approximately 10% of Miriam Adelson’s holdings in the company. The family plans to use the proceeds from the stock sale, combined with available cash, to secure the majority ownership of the Dallas Mavericks, subject to customary league approvals.
Miriam Adelson, an Israeli-born physician, assumed a prominent role in leading the Adelson family following her husband’s passing in January 2021. Despite selling the flagship Venetian resort in Las Vegas last year, the family remains closely tied to the city’s landscape, owning the Las Vegas Review-Journal newspaper.
Market Reacts to Pending NBA Announcement
The NBA, Sands, and the Adelson family have not officially commented on the impending deal, but reports suggest that an announcement is imminent. Meanwhile, shares of Las Vegas Sands experienced a 3.2% decline in extended trading following the news of the stock sale.
This venture into sports ownership marks a departure from the Adelsons’ previous activities, primarily known for their involvement in the casino industry and political contributions. Miriam Adelson ranked as the fifth richest woman globally by Forbes, has recently met with political figures like Nikki Haley and former President Donald Trump.
While Miriam Adelson’s late husband, Sheldon, was a significant donor to Republican causes, the family’s foray into sports ownership signals a new chapter in their ventures. Miriam Adelson has been recognized for her philanthropic efforts, particularly those focused on improving Jewish relations in the United States.
As the Adelson family prepares to join the ranks of NBA team owners, the sports world awaits official confirmation and details regarding this groundbreaking deal that could reshape the future of the Dallas Mavericks.