The Dallas Mavericks have long been associated with Mark Cuban, their mercurial owner for the past 22 years. But that relationship took an unexpected turn Tuesday with news that Cuban is poised to sell a controlling stake in the franchise to casino billionaire Miriam Adelson and her family. AtleticoShams Charania of reported that the Mavericks were valued at approximately $3.5 billion in the sale and that Adelson would get a majority stake in the team. Marc Stein was the first to report that Adelson was buying part of the club and that Cuban would retain control of its operations.
While Cuban will continue to run basketball operations while maintaining a minority interest in the franchise – a rare occurrence – the Mavericks look as if they will soon become Adelson’s team, 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 mogul Adelson’s family at a valuation of about $3.5 billion. In one of the most unique situations in NBA history, Cuban retains ownership of 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 not only as one of its richest owners, but also as one of the richest people in the world. She has been named the 35th richest person in the world by Forbes earlier this year and the fifth richest woman in the world; she has an estimated net worth of $32.3 billion. She is the largest shareholder of Las Vegas Sands Corp., a company that operates casino resorts in Singapore and Macau that reported net profit 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 coming to New York to study at a medical institute. 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 magnate, known for expanding midweek convention businesses in Las Vegas and developing resorts in Asia. He died in 2021.
The Adelsons were among the most prominent Republican donors for years and were high-profile supporters of Israel and Jewish causes in the United States. They were major donors to Donald Trump’s presidential campaign in 2016, and in 2018 she was awarded a Presidential Medal of Freedom. Birthright Israel, a group that sponsors trips for people of Jewish descent to Israel, said the Adelsons had contributed nearly $500 million more than 15 years earlier. reducing funding last year.
Miriam took control of Las Vegas Sands Corp., after Sheldon’s death; According to a document filed by the company with the U.S. Securities and Exchange Commission, Adelson and a family trust in his name own 57% of the company.
What else does your family own?
If the sale is finalized, the Mavericks would become part of a diversified portfolio owned by Adelson. In addition to her gambling interests, she is the editor of Israel Hayom, an Israeli newspaper, and owns the Las Vegas Review-Journal.
His son Matan bought this summer Hapoel Jerusalem, an Israeli club that also plays in the basketball Champions League.
And Sands hopes to develop a casino on Long Island, New York, at the site of the Nassau Veterans Memorial Coliseum.
What is the extent of your relationship with Cuban?
Adelson’s success in real estate development and the prospect of arena development, as well as the launch of casino gaming and entertainment in Dallas were enticing factors in Cuba’s decision to sell, league sources said AtleticoShams Charania. Cuban said last year that he would partner with Sands on a casino and resort in Dallas that he would include a home for the Mavericks, according to the Dallas Morning News.
An expansion of betting in Texas would require significant changes in a state that has no commercial casinos and no legalized sports betting, and instead has two Native American casinos.
“My goal is to collaborate with Las Vegas sandsis that when we build a new arena it will be in the middle of a resort and casino,” Cuban he told The The Dallas Morning News last year. “That’s the mission.”
(Photo by Miriam Adelson and the late Sheldon Adelson: Victor Fraile/Corbis via Getty Images)