Mark Cuban sells majority stake of Dallas Mavericks in interesting deal
May 24, 2022; Dallas, Texas, USA; Dallas Mavericks majority owner Mark Cuban walks on the court before game four of the 2022 Western Conference finals against the Golden State Warriors at American Airlines Center. Mandatory Credit: Kevin Jairaj-USA TODAY Sports
Mark Cuban is making some extremely interesting moves.
On Monday, it was announced that Cuban would be leaving TV show “Shark Tank” after the show’s 16th season. Then on Tuesday, reports said that Cuban would be selling a majority stake in the Dallas Mavericks. The sale of a majority stake in the team is going to the Adelson family at a valuation of $3.5 billion.
Miriam Adelson, the widow of the late billionaire Sheldon Adelson, is buying the team.
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
Sheldon Adelson, who died in 2021 at the age of 87, was the founder of the Las Vegas Sands. His family retains heavy influence in Las Vegas and the casino industry.
What’s interesting about the deal is that Cuban reportedly is retaining a large minority stake in the team and will remain in charge of basketball operations.
Cuban, 65, purchased a majority stake in the Dallas Mavericks from Ross Perot for $285 million in 2000.
Cuban has flirted with the idea of getting into politics and has considered a potential run for president in the past. If he is dropping out of “Shark Tank” and selling a majority stake in his beloved basketball franchise, he probably has something big in mind.