By CNN
—
The family behind one of the world’s largest casino empires reached a deal to buy a majority stake in the NBA’s Dallas Mavericks from billionaire Mark Cuban, according to a statement released by Miriam Adelson and family, the majority shareholders of Las Vegas Sands, on Wednesday.
The deal, expected to close by the end of the year, if approved by the NBA Board of Governors, would hand control of the Mavs to the Adelson family.
According to Las Vegas Sands spokesperson Ron Reese, the Adelson family, including Miriam Adelson’s daughter and son-in-law, Sivan and Patrick Dumont, have entered into a binding purchase agreement to buy majority ownership to the Mavericks.
Dr. Miriam Adelson, the widow of Sheldon Adelson and majority shareholder in Las Vegas Sands, has a fortune estimated at $33 billion by Bloomberg.
“The Dallas Mavericks are one of the world’s most successful and recognizable sports franchises,” the Adelson and Dumont families said in the statement. “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.”
Terms of the deal were not disclosed but reports indicate the transaction values the Mavericks in the range of $3.5 billion.
The statement indicates Cuban will maintain a significant role with the NBA franchise, even after the sale closes.
“We look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond,” the statement said.
Cuban will keep partial ownership of the Mavericks franchise and remain in control of basketball operations, according to reports.
Cuban did not respond to requests for comment.
The announcement comes as Las Vegas Sands Corp. informed the Securities and Exchange Commission Tuesday that Miriam Adelson and the Adelson family trust plan to sell $2 billion of Sands stock “to fund the purchase of a majority interest in a professional sports franchise.”
The Las Vegas Sands Corp., headquartered in Nevada, owns casinos in Macao and Singapore, and used to own The Venetian on the Las Vegas Strip.
Earlier this month, Cuban said he would leave the entrepreneur TV series “Shark Tank” after the show’s next season.
This story has been updated with additional developments.
Correction: A previous version of this story cited an incorrect valuation for the purchase of a majority share of the Mavericks. The story has been updated to reflect the correct valuation between the two sides.
