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 the news that Cuban will sell a majority stake in the franchise to casino billionaire Miriam Adelson and her family. The AthleticShams Charania reported that the Mavericks were valued at approximately $3.5 billion in the sale and that Adelson would gain 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 maintain control of its operations.
While Cuban would continue to run basketball operations while maintaining a rare minority interest in the franchise, 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 magnate Adelson’s family for a valuation of about $3.5 billion. In one of the most unique setups in NBA history, Cuban maintains ownership 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 not only as one of its richest owners but also as one of the richest people in the world. She was 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 in 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 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 rose to become a casino magnate, known for expanding the weekday convention business 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 2016 presidential campaign and she received the Presidential Medal of Freedom in 2018. Birthright Israel, a group that sponsors trips for people of Jewish descent to Israel, said the Adelsons had contributed nearly half a billion dollars over the previous 15 years. reduce funding last year.
Miriam took control of Las Vegas Sands Corp., after Sheldon’s death; Adelson and a family trust in her name own 57 percent of the company, according to a company filing with the U.S. Securities and Exchange Commission.
What else does your family own?
If the sale goes through, the Mavericks would be part of a diverse portfolio owned by Adelson. In addition to her interests in the gaming industry, she is the editor of Israel Hayom, an Israeli newspaper, and owner of the Las Vegas Review-Journal.
His son, Matan, bought Hapoel Jerusalem this summer, 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 scope of your relationship with Cuba?
Adelson’s success in real estate development and the prospect of stadium development, as well as the launch of casino gaming and entertainment in Dallas were attractive factors in Cuban’s decision to sell, league sources said. The Athletic‘s Shams Charania. Cuban said last year that he was going to 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.
An expansion of gambling in Texas would require significant changes in a state that has no commercial casinos and no legalized sports betting, but instead has two Native American casinos.
“My goal is to partner with Las Vegas. Beach“When we build a new stadium, it will be in the middle of a resort and casino.” Cuban said to Dallas Morning News last year. “That’s the mission.”
(Photo of Miriam Adelson and the late Sheldon Adelson: Victor Fraile/Corbis via Getty Images)