Mark Cuban Announces Shocking Sale of Mavericks
By Joe Summers
In a shocking move changing the landscape of the entire NBA, Mark Cuban has reportedly sold his majority share as owner of the Dallas Mavericks.
Cuban will sell majority ownership for a reported total in the range of $3.5 billion, though will maintain shares in the team and retain control of basketball operations.
Here's the latest:
Mavericks News: Mark Cuban Sells Team to Miriam Adelson
Sources: Mark Cuban is selling a majority stake of the Dallas Mavericks to Miriam Adelson and casino tycoon Adelson family for valuation in range of $3.5 billion. In one of most unique setups in NBA history, Cuban keeps shares in team and full control of basketball operations. pic.twitter.com/9iTqZvoGX1
— Shams Charania (@ShamsCharania) November 28, 2023
Cuban originally purchased the Mavericks in January of 2000 for $285. Since his purchase, he's been one of the most involved owners in all of professional sports, frequently making basketball decisions and displaying a level of interest not often seen in any sports league.
This news comes as a huge surprise, given Cuban's passion for the team and organizational status with MVP-candidate Luka Dončić and Kyrie Irving leading the roster.
The sale reportedly will be to casino tycoon Miriam Adelson and her family, who owns the Las Vegas Sands Corporation.
This represents the rare instance in which an owner sells a majority stake in the team yet still controls basketball operations, giving Cuban a vested interest in the success of the franchise.
Mark Cuban's History as Owners of the Mavs
Cuban was one of the most recognizable owners in all of professional sports, having been a constant presence with the Mavericks since his original purchase in 2000.
He oversaw a championship team in 2011 and two of the most popular NBA players of the last 20 years in Dirk Nowitzki and Dončić, while simultaneously becoming a public figure with his stardom on Shark Tank.
Who is Miriam Adelson?
Adelson is one of the richest women in the world with significant political ties to the United States. Her family is most recently the reported largest donor to Donald Trump's presidential campaigns in 2016 and 2020.
Her net worth is a reported $38.2 billion and now takes over one of the most promising franchises in the NBA.
She and her family are reportedly selling $2 billion worth of stock in the Las Vegas Sand Corporation to purchase the team, though Cuban will maintain control of operations.
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