UPDATE: Adelson buying majority stake in NBA’s Dallas Mavericks, sells $2 billion in stock

LAS VEGAS (KLAS) — Billionaire Miriam Adelson is selling $2 billion in Las Vegas Sands stock to purchase a pro sports team, according to documents.

The Athletic reported late Tuesday afternoon that Mark Cuban is selling a majority stake in the NBA’s Dallas Mavericks to Adelson. Cuban will retain shares in the team and keep full control of basketball operations. ESPN confirmed that the Adelson family “has had advanced discussions” about buying the Mavericks.

Cuban purchased the Mavericks for $285 million in January 2000, according to The Athletic. The value of the franchise was in the range of $3.5 billion for the sale.

Adelson, the casino giant’s largest shareholder, intends “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,” documents filed with the U.S. Securities and Exchange said.

The documents indicate Adelson already has a binding purchase agreement for a team, according to a Bloomberg report, but does not reveal the team or if it would be in Las Vegas.

A Mavericks move to Las Vegas seems unlikely. The team is regularly in the top three in average attendance — around 20,000 per game. The Mavericks began playing in Dallas in the 1980-81 season, and won the NBA championship with Dirk Nowitzki in 2011, beating the Miami Heat in the NBA Finals.

Las Vegas Sands no longer owns the Venetian or Palazzo hotels after selling them to Apollo Global Management for $6.25 billion in 2021. Sheldon Adelson died on Jan. 11, 2021. The company is now focused on its overseas gaming properties in Macau and Singapore, but company headquarters remain in Las Vegas.

The shares represent about 10% of Miriam Adelson’s stake in the company, according to a report from CNBC.

The Adelson family was involved in early efforts that brought the Raiders to Las Vegas, but Sheldon Adelson eventually backed out of a $650 million deal to finance the stadium.

The Adelson family owns the Las Vegas Review-Journal. Miriam Adelson, while not actively involved in the newspaper’s operation, has used the platform in support of Israel, where the family owns Israel Hayom, an influential right-wing newspaper.

Sheldon Adelson was heavily involved in the Republican Party, a major source of funding before he died in 2021. Miriam Adelson continues to be involved, but has not committed to supporting a candidate in the 2024 election.

This is a developing story. Check back for updates.

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