Dallas Mavericks owner Mark Cuban is in talks to sell a majority stake to the family that runs the Las Vegas Sands casino company for $3.5 billion. The deal could take weeks for the NBA to process.
Mark Cuban’s Potential Sale of Dallas Mavericks
Mark Cuban, the owner of the NBA team Dallas Mavericks, is reportedly working on a deal to sell a majority stake in the franchise. The potential buyer is the family that operates the Las Vegas Sands casino company.
Valuation and Process
The agreement is expected to be in the valuation range of $3.5 billion and would require several weeks for the NBA to process. The deal would allow Cuban to retain control of basketball operations.
Interest in Partnering with Sands and Legalizing Gambling
Cuban had expressed his interest in partnering with Sands approximately a year ago. Additionally, he has advocated for the legalization of gambling in Texas, an initiative that faced hurdles in the state Legislature earlier this year.
Cuban’s Influence and Ventures
Cuban, known for his presence on the show ‘Shark Tank’, gained fame after acquiring the Mavericks in 2000. Under his ownership, the team transformed from one of the worst to one of the best in pro sports, aided by star forward Dirk Nowitzki.
Sands Casino Family and Company Background
The potential buyer, the family of late casino magnate Sheldon Adelson, controls Las Vegas Sands Corp. Despite its origins in building resorts, the company now focuses on casino operations in Macau and Singapore after Adelson’s passing.
Sale of Shares and Potential NBA Team Acquisition
The company controlled by Miriam Adelson, widow of Sheldon Adelson, plans to utilize $2 billion from the sale of her shares to acquire a professional sports team. The specific team, league, or location has not been disclosed.
Ownership Percentage and Vetting Process
If the entire $2 billion is directed towards the purchase, it could signify the acquisition of at least 57% of the NBA team, based on the $3.5 billion valuation. The vetting process for new owners in the NBA usually takes several weeks, followed by approval from the league’s Board of Governors.
Plans for New Arena and Legalization of Gambling
Cuban expressed intentions to build a new arena in downtown Dallas, potentially functioning as a casino resort if gambling becomes legal in Texas. However, legislative efforts for legalized gambling in Texas faced setbacks in the recent session.
Cuban’s Ongoing Influence and Visibility
Despite the potential sale, Cuban is expected to remain influential in basketball operations. His outspoken nature and public presence in sports, business, and finance are likely to keep him in the public eye.