Mark Cuban Selling Majority Stake In Dallas Mavericks To Miriam ...

LOS ANGELES, CALIFORNIA - NOVEMBER 22: Dallas Mavericks owner Mark Cuban attends a basketball game ... [+] against the Los Angeles Lakers at Crypto.com Arena on November 22, 2023 in Los Angeles, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Allen Berezovsky/Getty Images)

Mark Cuban is selling a majority stake in the Dallas Mavericks to Miriam Adelson and the Adelson family, NBA insider Marc Stein reports. The valuation of the sale is in the range of $3.5 billion, according to Shams Charania of The Athletic and Stadium.

Cuban will keep his shares of the team as part of the deal. He will also retain complete control over the Mavericks’ basketball operations despite Adleson owning a greater than 50% share of the team.

The pending deal must be finalized and approved by the NBA Board of Governors.

Cuban previously indicated his interest in partnering with Adleson’s Las Vegas Sands LVS as he envisioned the construction of a new arena for the Mavericks in Dallas at the heart of a Las Vegas-style casino and resort.

“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 told The Dallas Morning News. “That’s the mission.”

The announcement of Adleson’s purchase of a majority stake in the Mavericks comes on the heels of a Bloomberg report that she was selling $2 billion of Las Vegas Sands Corp. stock to buy “a majority stake in an unidentified professional sports team.”

Adelson is the widow of Sheldon Adelson, the former CEO and chairman of casino company Las Vegas Sands, who died at 87 in 2021. Adelson and her family have a Forbes valuation of $32.3 billion.

With a current Forbes valuation of $6.2 billion, Cuban bought a majority stake in the Mavericks in January 2000 for $285 million. The Mavericks are worth $4.5 billion, according to Forbes. That makes the team the seventh most valuable NBA franchise.