The Dallas Mavericks have long been associated with Mark Cuban, its volunteer owner for the past 22 years. But that relationship took an unexpected turn Tuesday with news that Cuban is set to sell a controlling share in the franchise to casino billionaire Miriam Adelson and her family. The AthleticShams Charania reported that the Mavericks would be worth about $3.5 billion in the sale and that Adelson would get a majority stake in the team. Marc Stein is the first to report that Adelson is buying part of the club and that Cuban will retain control of its operations.
While Cuban will continue to run basketball operations while retaining a minority interest in the franchise — a rare occurrence — the Mavericks appear to be Adelson’s team soon, pending league approval of the transaction, of course. .
Sources: Mark Cuban is selling a majority stake in the Dallas Mavericks to Miriam Adelson and casino tycoon Adelson family for a valuation in the range of $3.5 billion. In one of the most unique setups in NBA history, Cuban maintains shares in the team and full control of basketball operations. pic.twitter.com/9iTqZvoGX1
— Shams Charania (@ShamsCharania) November 28, 2023
Who is Adelson?
Adelson will enter the NBA as not only one of its richest owners but also one of the richest people in the world. He was ranked the 35th richest person in the world of Forbes earlier this year and the fifth richest woman in the world; he has an estimated net worth of $32.3 billion. He is the largest shareholder of Las Vegas Sands Corp., a company that operates casino-resorts in Singapore and Macau that reported net income of $449 million in the third quarter on revenue of $2.8 billion.
Adelson, 78, was born in Tel Aviv and was a doctor in Israel before he came to New York to study at a medical institution. There she met Sheldon Adelson, who became her second husband in 1991 when they married in Jerusalem. Sheldon Adelson was already a successful businessman and grew up to become a casino tycoon, known for expanding the midweek convention business in Las Vegas and developing resorts in Asia. He died in 2021.
The Adelsons have been among the most prominent Republican donors for years and are high-profile supporters of Israel and Jewish causes in the United States. They were major donors to Donald Trump’s 2016 presidential campaign and awarded him the Presidential Medal of Freedom in 2018. Birthright Israel, a group that sponsors trips for people of Jewish heritage to Israel, said that the Adelsons had contributed nearly $500 million over the previous 15 years. last year’s funding cut.
Miriam takes control of Las Vegas Sands Corp., after Sheldon’s death; Adelson and a family trust in his name own 57 percent of the company, according to a company filing with the US Securities and Exchange Commission.
What else does his family own?
If the sale goes through, Mavericks will become part of a diverse portfolio owned by Adelson. Along with his interests in the gambling industry, he is the publisher of Israel Hayom, an Israeli newspaper, and owns the Las Vegas Review-Journal.
His son, Matan, bought Hapoel Jerusalem, an Israeli club that also plays in the Basketball Champions League, this summer.
And Sands hopes to build a casino on Long Island, New York, on the site of the Nassau Veterans Memorial Coliseum.
What is the extent of his Cuban relationship?
Adelson’s success in real estate development and the prospect for arena development, as well as the launch of a gaming and entertainment casino in Dallas were compelling factors in Cuban’s decision to sell, sources said. league. The Athleticby Shams Charania. Cuban said last year that he would partner with Sands on a casino and resort in Dallas that would also include a home for the Mavericks, according to the Dallas Morning News.
Expanding betting in Texas would require significant change in a state that has no commercial casinos and no legal sports betting, and instead has two Native American casinos.
“My goal is to partner in Las Vegas Sand dunesis when we build a new arena it will be in the middle of a resort and casino,” Cuban The said Dallas Morning News last year. “That’s the mission.”
(Photo of Miriam Adelson and the late Sheldon Adelson: Victor Fraile / Corbis via Getty Images)
