In a stunning turn of events, Mark Cuban, the majority owner of the Dallas Mavericks, is set to part ways with the franchise as he agrees to sell a majority stake to Miriam Adelson, the wife of the late casino magnate Sheldon Adelson. The deal, valued at approximately $3.5 billion, marks the end of Cuban’s era as the primary owner of the NBA team, a role he has held since 2000 when he acquired the Mavericks for $285 million.
Despite relinquishing the majority stake, Cuban will retain a minority ownership position and will continue to oversee basketball operations for the team, according to a report by The Athletic’s Shams Charania. The unexpected nature of this development adds to the shock, as the Mavericks have been closely tied to Cuban’s public identity, making it challenging to envision the team under different ownership.
Throughout Cuban’s ownership, the Mavericks achieved significant success, winning the NBA championship in 2011 and maintaining competitiveness with consistent playoff appearances. The sale comes at a time when Cuban has also announced his departure from ABC’s “Shark Tank” after 16 seasons, where he invested millions in entrepreneurial ventures.
The buyer, Miriam Adelson, recently made headlines as Las Vegas Sands Corp. revealed her intention to sell $2 billion in company shares, constituting approximately 10 percent of her family’s stake. The net proceeds from this sale were earmarked for the acquisition of a majority interest in a professional sports franchise. The timing aligns with Cuban’s decision to sell the Mavericks majority stake.
Reports suggest that Cuban and Sands plan to collaborate on a casino and arena venture in Dallas, contingent upon the potential legalization of gambling in Texas. This strategic partnership reflects the convergence of interests between the two parties beyond the realm of sports ownership.
Miriam Adelson’s background includes a medical career, having practiced as a physician in Israel and later in the United States before marrying Sheldon Adelson in 1991. The couple established the Dr. Miriam and Sheldon G. Adelson Research Clinic in Las Vegas in 2000. Sheldon Adelson passed away in 2021 at the age of 87 due to complications related to treatment for non-Hodgkin’s lymphoma.
Known for their staunch support of conservative and Israeli causes, both Miriam and Sheldon Adelson have been prominent donors and advocates. The sale of the Mavericks represents a significant shift in the team’s ownership dynamics and opens a new chapter in its history under the stewardship of Miriam Adelson.
