Adelson family CONFIRMS it has entered a binding agreement to purchase the Dallas Mavericks from Mark Cuban and is targeting the end of the year to close the transaction

The Adelson family - some of the largest casino magnates in the United States - have confirmed that they are trying to buy the Dallas Mavericks.

In a statement released by the family, they confirmed that they are attempting to purchase the NBA franchise from it's longtime current owner, billionaire Mark Cuban.

'The Adelson and Dumont families have entered into binding purchase agreements to acquire majority ownership and the right to serve as Governor of the Dallas Mavericks,' the statement read.

'The families are targeting a closing of the transaction by year-end, subject to satisfaction of customary closing conditions and approval of the NBA Board of Governors.

'The Dallas Mavericks is one of the world's most successful and recognizable sports franchises.

'The team has won an NBA championship, has a long history of attracting international superstars and has been supported by a dedicated and passionate fanbase and leadership group led by Mark Cuban.

'The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise. Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team's success and legacy in Dallas and beyond.

'The goal is to win and to have a team that proudly represents the greater DFW area and serves as a strong and valuable member of the local community.

'We believe that with this partnership and our commitment to the team, the community and the fans, the future is bright for the Dallas Mavericks.'

MailSport confirmed yesterday via an SEC filing that the Adelson family already has a binding purchase agreement for the team in place. They are planning to use funds from the offering and cash in hand to complete the purchase.

In one of most creative setups in NBA history, Cuban, whose plans to depart Shark Tank on Tuesday were also announced, keeps shares in the team and full control of basketball operations, Shams Charania, of The Athletic, reported. He bought the Mavs' in 2000 for $285milllion and won the NBA championship in 2011.

Miriam Adelson, a physician and billionaire, was listed as the 44th-richest person, fifth-richest woman, and richest Israeli in the world, with an estimated net worth of $29.6B in 2021, according to the Bloomberg Billionaires Index. Most of her wealth is through her majority owner ships of Las Vegas Sands.

She obtained American citizenship after marrying Sheldon in 1991 and has been the family's main voice since her late husband's death in 2021. 

According to The Center for Responsive Politics, the couple previously donated over $281M to Republican and conservative issues. They donated to the Donald Trump 2016 presidential campaign, his presidential inauguration, his defense fund against the Mueller investigation into Russian interference and the 2020 campaign.

The head of Las Vegas Sands is her son-in-law, Patrick Dumont. Sands owns several properties in Macao, including the Sands, The Londoner, The Venetian, The Plaza, and The Parisian. 

In 2020, it was the third-largest casino company worldwide by revenue.

Sands Corp. made headlines last year, when it sold its flagship Venetian resort to Apollo Global Management, but it still maintains a lot of influence in Las Vegas - the casino and gambling capital of the world.

The company owns The Las Vegas Review-Journal newspaper, and its headquarters are still in Las Vegas.

According to Bloomberg, Miriam Adelson is in possession of 433million shares of Sands Corp., or 'more than 56 percent of the total outstanding.' Her stock offering represents roughly 11 percent of those holdings. 

On Tuesday, shares of Sands were down 4.34 percent to $45.59 in extended trading after initially falling by 1.85 percent to $47.66.

Miriam Adelson is the current publisher of the conservative newspaper Israel Hayom and is also a voting member on the board of trusteed as the University of Southern California. 

She was awarded the Presidential Medal of Freedom by Donald Trump in 2018, and was recently seen with the former President, and GOP candidate Nikki Haley in Las Vegas.