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Mark Cuban selling majority stake in Dallas Mavs: report
Mark Cuban is reportedly selling his majority stake in the Dallas Mavericks to billionaire Miriam Adelson. The move, coupled with the announcement of his departure from the ABC reality show Shark Tank, has caused people to speculate about his next move.
DALLAS - Mark Cuban is attempting selling his majority stake in the Dallas Mavericks.
The Athletic's Shams Charania reports that Cuban is selling his stake to Miriam Adelson and Adelson family at a value in the range of $3.5 billion.
Charania says Cuban will keep some shares in the team and have full control of basketball operations.
The late Sheldon Adelson founded Las Vegas Sands Corp.
Miriam Adelson, 78, married the casino magnate in 1991.
A filing Tuesday with the SEC says Las Vegas Sands Corp.'s principal stock holder was selling $2 billion in stock.
The filing says that the money would "fund the purchase of a majority interest in a professional sports franchise," but does not mention the Mavericks.
If the entirety of the $2 billion goes toward the purchase, it would mean Adelson could be acquiring at least 57% of the NBA team — based on the $3.5 billion valuation.
The SEC filing says the deal would still be subject to league approval.
On Wednesday, the Adelson family released a statement confirming their intention to buy the team
"The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise. Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond," reads the statement. "The goal is to win and to have a team that proudly represents the greater DFW area and serves as a strong and valuable member of the local community."
The statement says the new owners are hopeful that they can close the deal by the end of the year.
The vetting process for new owners in the NBA typically takes at least several weeks, and then approval must be granted by the league’s Board of Governors.
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Mark Cuban is reportedly selling a majority interest in the Dallas Mavericks but will maintain control over the franchise. FOX 4's Dan Godwin shares some of the speculations on why and looks at what it means for the team.
Cuban said late last year he wanted to build a new arena in downtown Dallas that would also be a casino resort.
Forbes lists Miriam Adelson & family as the 35th richest family in the world, worth $35 billion.
Cuban has not released any public statement about the reported sale.
The 65-year-old Mavericks owner announced on Monday that he will not return to ABC's Shark Tank after the 16th season.
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Cuban bought the Mavericks in 2000 from Ross Perot for $285 million.
Cuban was in his usual courtside seat at the Mavericks-Rockets game in Downtown Dallas on Tuesday night, but he did not talk with reporters.
The sale of the team has led to some people speculating about a potential political run for Cuban, who has previously flirted with the idea of running for president.
FOX 4's Mike Doocy asked Cuban via email if he is ruling out running for political office.
"Maybe I'll run for PTA," he replied.
The Associated Press contributed to this report.