On the night of Tuesday, November 28, 2023, it was reported that Mark Cuban would sell majority stake in the Dallas Mavericks to Miriam Adelson.
Mark Cuban has garnered a reputation as an investing guru with his success on reality television shows like Shark Tank. He made his fortune back during the dot com boom after he sold his company Broadcast.com to Yahoo! for $5.7 billion in Yahoo stock. The move made Cuban one of the first of the internet billionaires. In January 2000, he went on to purchase the Dallas Mavericks of the National Basketball Association (NBA) for $285 million from H. Ross Perot Jr.
Cuban went on to become one of the league’s most dynamic owners. He could be found courtside cheering on his team every night and took an enthusiastic and active hand in making personnel decisions. His ownership tenure reached its zenith when the Dallas Mavericks won the NBA championship in 2011, led by Finals MVP Dirk Nowitzki.
Reports indicate that Cuban had been mulling a sale of his majority stake for some time. Miriam Adelson is the largest shareholder for Las Vegas Sands Corporation, one of the largest American casino and resort companies. The deal is reportedly in the valuation range of $3.5 billion. It will take weeks for the NBA to process the transaction. Moreover, Cuban will maintain control of basketball operations in the deal. It remains to be seen just how active of a role Cuban will be able to keep under new ownership.
