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11 months ago
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Mark Cuban is selling a majority stake of the Dallas Mavericks to Miriam Adelson and her family, for a valuation in range of $3.5billion, as the casino tycoons announced they are trading $2B of stock in Las Vegas Sands Corp. to fund the investment.
The Adelson family already has a binding purchase agreement for the team in place, according to a SEC filing seen by DailyMail.com. They are planning to use funds from the offering and cash in hand to complete the purchase.
DailyMail.com has contacted both, the Dallas Mavericks and owner, Mark Cuban, for comment.
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.
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.
Dallas Mavericks owner Mark Cuban is selling the NBA franchise to Miriam Adelson for $3.5B
Miriam Adelson is the widow of the late billionaire, Sheldon Adelson, CEO of Las Vegas Sands
Sheldon, L, and Miriam, R, Adelson are well-documented and avid supporters of Donald Trump
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 $218million 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.
Miriam Adelson was awarded the Presidential Medal of Freedom by Donald Trump in Nov. 2018
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.
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