In a groundbreaking development, Miriam Adelson, widow of the late Sheldon Adelson, is poised to acquire a majority stake in the NBA's Dallas Mavericks from tech billionaire Mark Cuban. The deal, valued at a staggering $3.5 billion, marks a significant shift for the Adelson family, traditionally associated with the casino industry and political contributions.
Dallas Mavericks’ Valuation Soars:
The Adelson family, with a binding purchase agreement for the Mavericks, has seen the franchise's total valuation skyrocket to $3.5 billion, according to reports from Bloomberg. Despite the change in ownership, Mark Cuban will retain partial ownership and continue to oversee basketball operations, maintaining a connection to the team he purchased in 2000 for $285 million.
Strategic Acquisition and Stock Sale:
Miriam Adelson's strategic move into sports ownership is fueled by the family's decision to sell $2 billion in Las Vegas Sands stock. This represents approximately 10% of Miriam Adelson’s holdings in the company. The proceeds from the stock sale, along with available cash, will be utilized to secure the majority ownership of the Dallas Mavericks, pending customary league approvals.
Market Reacts to Pending NBA Announcement:
Official comments from the NBA, Sands, and the Adelson family are yet to be made, but reports suggest an imminent announcement. The news of the stock sale has already impacted the market, with shares of Las Vegas Sands experiencing a 3.2% decline in extended trading.
New Ventures for the Adelson Family:
This foray into sports ownership is a departure from the Adelsons' previous activities, which were primarily centered around the casino industry and political contributions. Despite Miriam Adelson's late husband being a significant donor to Republican causes, this move signals a new chapter in the family's ventures.
Philanthropy and Recognition:
Miriam Adelson, an Israeli-born physician, assumed a leading role in the family following her husband’s passing in January 2021. Known for her philanthropic efforts, particularly in improving Jewish relations in the United States, she has recently engaged with political figures such as Nikki Haley and former President Donald Trump.
As the Adelson family gears up to join the ranks of NBA team owners, the sports world eagerly awaits official confirmation and details of this transformative deal that could reshape the future of the Dallas Mavericks.