Miriam Adelson, the widow of casino mogul Sheldon Adelson, is selling $2 billion worth of Las Vegas Sands stock, “about 10 percent of her stake,” to acquire a “controlling interest in a professional sports team.” reports CNBC. Veteran NBA reporter Marc Stein says the team in question is the Mavericks. Stein wrote on social media: “League sources say Mark Cuban would continue to retain operational control of the team.”
This is the second important decision for Cuba this week. He told the Hollywood Reporter Monday that he would leave “Shark Tank” after the 2025 season to spend more time with his teenage children. Cuban bought a majority stake in Mavericks in early 2000 for $280 million from a group led by Ross Perot Jr.
The Adelson family last year completed the sale of its latest Las Vegas casino, The Venetian, to Apollo Global Management.
Speaking at SBJ’s Dealmakers event last year, Cuban told the audience he wants to continue to move the business of the NBA forward. When asked what’s the biggest change Mavs fans will experience at games over the next five years, he replied, “I hope to play.” However, Texas remains one of the few states that has not made significant progress in sports betting legislation.