Mark Cuban to sell majority stake of Mavericks
Dallas Mavericks owner Mark Cuban is planning to sell a majority stake of the organization to businesswoman Mirian Adelson and the Adelson family for a valuation near $3.5 billion, Shams Charania of The Athletic reported Tuesday.
Cuban will still retain full control of basketball operations and will still own a minority stake, though the percentage of shares he’ll possess has not been disclosed. The Mavericks and Cuban have been so intertwined over the last several years, as he’s one of the NBA’s more active owners, so while he’s the main decision-maker basketball-wise, it will be interesting to see how this organization is directed with someone else at the helm.
Cuban purchased the organization for $285 million in 2000 and leveraged it into being one of the NBA’s most successful franchises. They have advanced to two NBA Finals–in the 2005-06 and 2010-11 seasons–both against the Miami Heat, with the latter resulting in the franchise’s first NBA Title.
Dallas has also fielded two international superstars, Dirk Nowitzki and Luka Doncic, over that span with myriad playoff appearances paired with multiple deep playoff runs.
It was reported Tuesday that Las Vegas Sands–the company Mirian Adelson, widow of former CEO and businessman Sheldon Adelson, founded in the 1980s–would be selling $2 billion of its stock. Cuban’s shown interest and had an eye on partnering with Las Vegas Sands in the past.
“My goal, and we’d partner with Las Vegas Sands, is when we build a new arena it’ll be in the middle of a resort and casino,” Cuban said in December of 2022. “That’s the mission.”
Mission accomplished … well, at least partnering up with them is accomplished.
Anways, was this a move Cuban should have made? Are you surprised by the sudden change? Let us know in the comments!
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