Mark Cuban Selling Majority Stake In Mavericks To Miriam Adelson, Will Retain Basketball Control
In a surprising move, Dallas Mavericks owner Mark Cuban is reportedly selling a majority stake in the team to casino magnate Miriam Adelson, but he will retain control of basketball operations.
The deal, which is expected to be finalized in the coming weeks, is valued at around $3.5 billion. According to Shams Charania of The Athletic, Cuban will sell a majority stake in the team to Adelson and her family, but he will retain a stake, large enough to give him enough voting power to maintain control of basketball decisions, including hiring and firing the coach and general manager.
The deal is unusual in that it allows Cuban to cash out a significant amount of money while still maintaining control of the team. This is likely because Cuban is confident in his ability to run the team and he doesn’t want to give up control of the franchise.
Adelson is the widow of Sheldon Adelson, the late founder and CEO of Las Vegas Sands Corp. She is the richest woman in the world, with a net worth of around $38 billion. Adelson is a longtime friend of Cuban’s, and they have invested in several businesses together.
Additionally Cuban just announced he was leaving popular business TV show “Shark Tank” after a 16th season next year.
2000: Mark Cuban buys the Mavericks for $285 million
2023: Cuban reaches a deal to sell majority ownership in Mavs for valuation in range of $3.5 billion — while keeping a strong stake and full control and final say in basketball operations
— Shams Charania (@ShamsCharania) November 29, 2023