Adelson family set to acquire majority stake in NBA’s Dallas Mavericks
Adelson family set to acquire majority stake in NBA’s Dallas Mavericks
A recent SEC filing has revealed that the Adelson family is planning to sell nearly $2 billion worth of stock in the Las Vegas Sands Corp to finance the acquisition of a majority stake in a professional sports franchise, which is now believed to be the Mavs
The Adelson family is currently engaged in advanced talks regarding the acquisition of a significant stake in NBA franchise the Dallas Mavericks. The Associated Press reported that the potential agreement will fall within the valuation range of $3.5 billion.
According to the potential agreement, current-owner Mark Cuban will retain his position as the franchise's governor and maintain decision-making control over all basketball matters.
A recent SEC filing has revealed that the Adelson family is planning to sell nearly $2 billion worth of stock in the Las Vegas Sands Corp. According to the filing, the purpose behind this significant stock sale is to finance the acquisition of a majority stake in a professional sports franchise, pending customary league approvals.
Miriam Adelson, the widow of casino tycoon Sheldon Adelson, along with the Miriam Adelson Trust, is identified as the selling party in the filing. Las Vegas Sands currently has a market cap of over $36 billion of which Adelson holds 56%. Earlier this year, the son of Miriam, Matan Adelson, acquired a 90% stake in Israeli basketball club Hapoel Jerusalem for a reported $20 million.
In the NBA's customary vetting process for new owners, approval timelines typically extend over several weeks. Following this, the league's board of governors must grant final approval.
The Sands group has previously engaged in talks with Cuban regarding the development of a casino entertainment district in Dallas that would include the construction of a new arena for the Mavericks, contingent on the legalization of gambling in Texas.
Cuban acquired a majority share in the Mavs in 2000 for $285 million.
NBA reporter Marc Stein was the first to report the potential sale.
