NBA
Mark Cuban To Sell Majority Stake In Dallas Mavericks At 1,128% Gain
Gia is a Basketball Insiders contributor based in Canada. She graduated from the University of Windsor with a Bachelor of Science, so she knows the make-up of a winning bet. Gia uses her analytical background to tell stories using the latest data and statistics. Her work has been sourced by Entrepreneur, Inquirer, and more. Gia is also interested in health, wellness, and yoga.
All posts by Gia NguyenUpdated3 hours ago on April 26, 2024
Dallas Mavericks owner and famed investor Mark Cuban will sell his majority stake in the team, according to NBA insider Marc Stein. Cuban will sell the Mavericks to Miriam Adelson and her family for a valuation in the range of $3.5 billion. Las Vegas Sands Corp. announced Tuesday in an SEC filing that Adelson was selling $2 billion worth of stock in the company, approximately 10 percent of her stake, to put towards buying a majority stake in a sports franchise, along with her own cash.
Who Is Miriam Adelson?
Adelson is the largest shareholder in Las Vegas Sands Corp., which was formerly owned and run by her late husband, Sheldon Adelson.
According to Forbes, Adelson is one of the richest people in the world. With an estimated net worth of $32.3 billion, Forbes recently named Adelson the 35th-richest person in the world and the fifth-richest woman.
“We have been advised by the Selling Stockholders that they currently intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals,” Las Vegas Sands said in the SEC filing.
Cuban To Exit The Spotlight, Sells Mavs For 1,128% ROI
Cuban, the primary stakeholder in the Mavericks for nearly a quarter century, bought the NBA franchise in 2000 for $285 million. With the Mavericks sale, the American business mogul will earn a whopping 1,128% return on investment.
Despite the sale, Cuban will retain some ownership shares in the team and full control of basketball operations. According to Forbes’ recent NBA valuations, Adelson will be getting a considerable discount from Cuban. The Mavericks were pegged at an estimated $4.5 million valuation by Forbes, making them the seventh-most valuable team in the NBA.
Cuban also recently announced that season 16 will be his last on the TV show Shark Tank. After joining as a guest shark during the show’s second season, Cuban became a mainstay on the show, investing over $60 million into 218 deals, more than any other shark. He also entered into 104 partnerships with Lori Greiner being his most frequent partner (42 times).
