The Dallas Mavericks’ multibillionaire owner, Mark Cuban, is selling Miriam Adelson of the Las Vegas Sands (LVS) the bulk of the NBA team.
The estimated value of the deal is $3.5 billion. Cuban will maintain “complete control of basketball operations” and shares in the organization, according to The Athletic. Cuban also disclosed that, following a 16-year tenure, he will be departing ABC’s “Shark Tank” next year on Showtime’s “All the Smoke” podcast.
The Miriam Adelson Trust and Dr. Miriam Adelson will put up $2 billion in company stock for sale, according to the gambling business Las Vegas Sands.
Adelson, whose family inherited more than half of the company’s shares upon her husband Sheldon Adelson’s death in 2021, stated in a regulatory statement that LVS planned to use the proceeds of the stock sale to purchase a controlling stake in a professional sports team.
Cuban would give Adelson and her family his share of the Mavericks, according to a person familiar with the agreement who spoke with CNBC on Tuesday.
Mark Cuban has also quashed rumors of running for President in 2024.
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