Dallas Mavericks owner Mark Cuban agreed to sell a majority stake in his NBA franchise.
via: CNBC
Cuban is selling a majority stake of the Dallas Mavericks to Miriam Adelson and her family, a source familiar with the deal told CNBC.
Cuban still owns a stake in the team and will run basketball operations.
Adelson is selling $2 billion worth of Las Vegas Sands stock, or roughly 10% of her stake, according to an announcement from the company. The proceeds will be used to buy a professional sports team, the casino company said in a filing Tuesday.
Adelson and her family are the largest shareholders in Las Vegas Sands.
“We have been advised by the Selling Stockholders that they currently intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals,” Las Vegas Sands said in the filing.
Las Vegas, which has become a sports mecca, has been rumored to be a destination for an NBA team. The WNBA’s Aces play there, and the city will host the final games of the NBA’s midseason tournament.
The league did not comment on the news, and the Mavericks referred CNBC to the Adelson family for comment. CNBC has reached out to Cuban for comment.
