Photo by Danny Fulgencio
Dallas Mavericks governor Mark Cuban is in the process of selling his majority stake to Las Vegas casino and resort tycoon, Miriam Adelson in an announcement made Tuesday, Nov. 28.
The deal is pending approval by the NBA Board. If it goes through, Cuban will sell his majority stake for $3.5 billion. This marks a 1,100% increase from his initial purchase of the team in 2000, where he bought the franchise from Ross Perot Jr. for $285 million.
“I think a new arena, real estate area and hopefully a future resort casino can replace what we lose in media, and fund current and future Mavs,” Cuban told WFAA on Wednesday afternoon.
Cuban will still have operational control of the team but will take a hefty step back from being the majority shareholder.
NBA reporter and insider, Mark Stein confirmed the deal was being processed in a Twitter post on Nov. 28.
Forbes valued the Mavericks at $4.5 billion, ranking them the seventh-highest in the NBA.
The news comes on the heels of Cuban leaving “Shark Tank” in its next season. He announced the split from the reality show in the podcast “All The Smoke” on Monday, Nov. 27.
The deal could easily double down as a means to make gambling legal in Texas. Cuban has championed Texas to legalize casinos, wanting to move the Mavericks to a new arena. With Adelson being a casino tycoon and Cuban’s wish, it seems like the two might have another potential partnership down the road if all goes well.
“I think if resort casinos pass, Dallas becomes a top five travel destination in the country,” Cuban told WFAA.
Adelson is the largest shareholder of Las Vegas Sands Corp and sold $2 billion of her shares, according to a press release which was also published on Tuesday.
The Las Vegas-based family is hopeful the deal will be completed by the end of 2023. Some comments have questioned whether Cuban has political motives after a busy week, but he reiterated he has “no plans” to run for president in 2024.
