Dallas Mavericks owner Mark Cuban is actively negotiating to sell a majority stake in the NBA team to the Adelson family at a valuation of $3.5 billion.
The family’s matriarch, Miriam Adelson, the widow of Las Vegas casino tycoon Sheldon Adelson, is selling her property in the Las Vegas Sands Group (Las Vegas Sands Corp) worth $2 billion of stock to fund the acquisition.
She decided to retain Cuban as the controlling owner of the franchise.
Adelson buys stake in Dallas Mavericks, Cuban takes charge of basketball operations
Cuban has been at the helm of the Mavericks since purchasing the Mavericks for $285 million in 2000. Even with the new deal, he remains the team’s manager and controls all basketball decisions.
Completion of the sale is subject to routine approval by the Alliance. Once finalized, it would align the interests of Cuban and Las Vegas Sands.
They plan to jointly build a casino and resort in Dallas if gambling is legalized in Texas.
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Michael Jordan sells ownership of Hornets
A representative for Michael Jordan confirmed that the NBA legend has chosen to transfer his majority stake in the Charlotte Hornets to wealthy investors Gabe Plotkin and Rick Schnarr (Rick Schnall).
The sale was valued at $3 billion and allowed Jordan to retain a minority stake in the team. In 2010, Jordan purchased a majority stake in the Hornets for $275 million, although he already owned a minority stake.
If the sale is approved, Jordan will receive a substantial return on investment, as it will earn it approximately ten times its initial investment.
With the NBA Board of Governors voting 29-1 to approve the deal, Plotkin and Schnarr took over the team, while Jordan chose to retain a minority stake. This marks the formation of a new ownership group.
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