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Owner of Dallas Mavericks Mark Cuban will reportedly sell the majority of stakes of the franchise to billionaire Miriam Adelson. However, Cuban will remain the governor of the franchise as well as in control of all the basketball decisions. Miriam is the widow of late businessman Sheldon Adelson and the largest shareholder of the Las Vegas Sands. Adelson reportedly sold a few stocks worth $2 billion earlier on Tuesday to buy stakes in a sports company.
According to several reports, including The Associated Press, the value of the agreement would be in the valuation range of $3.5 billion and might take a few weeks for the league to process. An SEC filing states Adelson shared the stakes of her company "to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals."
If the entire amount of $2 billion is used in purchasing Maverics’ stakes then it means that the Adelson family would acquire a minimum of 57% shares of the NBA team.
Cuban purchased Mavericks in 2000 for $285 million
The 65-year-old purchased the Mavs in the year 2000 for $285 million, and since then, the team has made it to the playoffs in all but five seasons. Dirk Nowitzki featuring team went on to defeat the LeBron James-led Miami Heat to win their first NBA title in 2011. Cuban recently announced that he has planned to leave Shark Tank after its 16th season next year. Adelson's family planning to purchase the Mavericks was first reported by the NBA reporter Marc Stein.
