The Adelson family is in serious discussions with Dallas Mavericks owner Mark Cuban to buy a significant stake in the NBA franchise, a person familiar with the negotiations told USA TODAY Sports.
The person requested anonymity because they were not authorized to speak publicly about the deal.
Miriam Adelson, the widow of Las Vegas Sands Corp. founder Sheldon Adelson, and her family, in an SEC filing dated Tuesday, said she was selling $2 billion worth of LVS stock and “ that they currently intend to use the net proceeds from this offering, as well as additional funds. available cash, to finance the purchase of a controlling interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals.
Cuban would retain shares in the team and remain governor, the person said. Cuban announced Monday ‘Shark Tank’ 16th Season Will Be Its Last.
He purchased the franchise for $285 million in 2000. Although the exact purchase price is not yet determined, Matt Ishbia bought the NBA’s Phoenix Suns and the WNBA’s Phoenix Mercury at a $4 billion valuation a year ago.
Earlier this year, Adelson’s son, Matan Adelson, purchased Hapoel Jerusalem of the Israeli Basketball Premier League.
Cuban has been one of the most important owners in the league over the past two decades and one of the most condemnedracking up nearly $4 million in fines – and that doesn’t include 10 million Cuban dollars donated to the groups of women who follow an investigation into a toxic work environmentincluding sexual harassment and workplace misconduct, within the Mavericks organization.
The Mavericks made two Finals appearances under Cuban leadership, winning the 2011 title over the Miami Heat and LeBron James.
As noted in the SEC filing, a sale is subject to approval by the NBA owners.
Marc Stein, NBA reporter announced the news for the first time.
