‣ Mark Cuban is selling his majority stake in the Dallas Mavericks to Miriam Adelson and her family for a valuation around $3.5 billion.
‣ Miriam Adelson is the largest shareholder in Las Vegas Sands Corp. and one of the richest people in the world with an estimated net worth of $32.3 billion.
‣ Despite the sale, Cuban will retain some ownership shares in the team and full control of basketball operations.
Mark Cuban, owner of the Dallas Mavericks and well-known investor, is about to sell his majority stake in the team. NBA insider Marc Stein broke the news.
The Mavericks are being sold to Miriam Adelson and her family. The selling price? A cool $3.5 billion.
This news came after Las Vegas Sands Corp. made a Tuesday announcement. In an SEC filing, they revealed that Adelson was offloading $2 billion worth of stock in the company. That’s about 10% of her stake.
Why? To buy a majority stake in a sports franchise. She’s using her own money, too.
So, who is Miriam Adelson? She’s the biggest shareholder in Las Vegas Sands Corp. This company was previously owned and run by her late husband, Sheldon Adelson.
Forbes has some interesting facts about Adelson. She’s one of the wealthiest people in the world. Her estimated net worth is $32.3 billion. Forbes recently ranked her as the 35th-richest person globally and the fifth-richest woman.
The SEC filing from Las Vegas Sands Corp. had more to say. The Selling Stockholders plan to use the net proceeds from this offering, along with some extra cash, to fund the purchase of a majority interest in a professional sports franchise. This is according to a binding purchase agreement, and it’s subject to league approvals.
Cuban is stepping out of the spotlight. He’s selling the Mavs and making a 1,128% ROI. He’s been the primary stakeholder in the Mavericks for almost 25 years, having bought the NBA franchise in 2000 for $285 million.
Despite the sale, Cuban isn’t completely cutting ties. He’ll keep some ownership shares in the team and retain full control of basketball operations. Forbes’ recent NBA valuations suggest Adelson is getting a substantial discount from Cuban. The Mavericks were estimated to be worth $4.5 million by Forbes, making them the seventh-most valuable team in the NBA.
Cuban has also announced his departure from the TV show Shark Tank. The upcoming 16th season will be his last. He joined as a guest shark during the show’s second season and quickly became a regular. He’s invested over $60 million into 218 deals, more than any other shark. He’s also entered into 104 partnerships, with Lori Greiner being his most frequent partner (42 times).