Bivash
Mark Cuban in Talks to Sell Majority Stake in Dallas Mavericks to Las Vegas Sands Family for $3.5 Billion
Dallas Mavericks owner Mark Cuban is reportedly in discussions to sell a majority stake in the NBA franchise to the family that oversees the Las Vegas Sands casino company.
The potential deal is estimated to be valued at $3.5 billion and is anticipated to undergo a weeks-long process for league approval.
The information comes from a source speaking to The Associated Press on condition of anonymity
Under the proposed agreement, Cuban would maintain control of the basketball operations within the team.
The Adelson family, specifically Miriam Adelson, the widow of casino magnate Sheldon Adelson, is involved in the potential acquisition.
Earlier on the same day, Miriam Adelson's company had disclosed the sale of $2 billion in shares,
intending to use the proceeds to acquire a majority interest in a professional sports franchise, subject to league approvals.
Mark Cuban had expressed interest in partnering with Sands nearly a year ago, emphasizing his support for legalizing gambling in Texas.
Cuban, who has been a prominent figure since acquiring the Mavericks in 2000, recently announced his departure from the TV show "Shark Tank" after the upcoming 16th season.
Miriam Adelson, the controlling shareholder of Las Vegas Sands Corp., holds significance in the casino industry.
The family's proposed acquisition of the Mavericks aligns with the broader trend of high-profile investors entering the sports ownership arena.
Mark Cuban working on sale of NBA's Mavericks to Sands casino family, AP source says