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Thursday, February 22, 2024
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Dallas Mavericks Engages in Substantial Discussions to Sell a Major Stake to the Adelson Family.-1

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Dallas Mavericks An undisclosed source has revealed to USA TODAY Sports that the Adelson family is actively exploring discussions with Dallas Mavericks owner Mark Cuban for the acquisition of a substantial share in the NBA franchise.

 Confidential Source Sparks Speculation

The individual providing this information has opted for anonymity, citing a lack of authorization to publicly discuss the ongoing deal.

 Adelsons’ $2 Billion Move in the Securities Market: Dallas Mavericks 

Miriam Adelson and her family, founders of Las Vegas Sands Corp., disclosed their intention to sell $2 billion of LVS stock in a Tuesday SEC filing. The plan involves using the net proceeds, along with additional cash, to secure a majority interest in a professional sports franchise—subject to customary league approvals.

 Cuban’s Continued Role Amidst Potential Sale: Dallas Mavericks 

According to the source, Mark Cuban is expected to retain partial ownership of the team and continue his role as the governor. This development follows Cuban’s recent announcement of the upcoming 16th season of ‘Shark Tank’ being his last.

 Valuation Dynamics in the Sports Industry

Having acquired the Mavericks in 2000 for $285 million, Cuban’s potential sale aligns with the escalating valuations in the sports industry. While the exact purchase price remains undetermined, Mat Ishbia’s $4 billion acquisition of the Phoenix Suns and Phoenix Mercury serves as a notable benchmark from just a year ago.

 Adelson Family’s Recent Sports Ventures

Earlier this year, Matan Adelson, a member of the Adelson family, made headlines by acquiring Hapoel Jerusalem in the Israeli Basketball Premier League.

 Cuban’s Impactful Ownership Stint

Mark Cuban, a prominent NBA owner for over two decades, has been both celebrated and fined, accumulating nearly $4 million in fines. This figure excludes the additional $10 million Cuban donated to women’s groups following an investigation into workplace misconduct within the Mavericks’ organization.

 Mavericks’ Success and Cuban’s Legacy

Under Cuban’s ownership, the Mavericks have achieved two Finals appearances, securing the 2011 title against the Miami Heat and LeBron James.

Approval Hurdle: Sale Contingent on NBA Owners’ Consent

As indicated in the SEC filing, the potential sale is contingent upon approval from NBA owners. This development was first reported by NBA journalist Marc Stein.

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