Mark Cuban Charts New Course: Sells Majority Mavericks Stake to Miriam Adelson, Maintains Basketball Control
In a surprising move, Mark Cuban, celebrated as one of the NBA’s most iconic owners, is divesting a significant stake in the Dallas Mavericks to Miriam Adelson and the Adelson family, as revealed by Marc Stein. This comes after reports earlier in the day indicated Adelson’s sale of $2 billion in Sands stock to finance the acquisition of a professional sports franchise. The team in her sights? The Mavericks, now valued at an impressive $3.5 billion, as detailed by Shams Charania.
The structure of this deal is anything but conventional. Cuban will retain partial ownership of the team, maintaining a minority stake, while continuing his full control over the Mavericks’ basketball operations. Despite relinquishing majority ownership, Cuban’s hands-on approach in steering the team, currently overseen by general manager Nico Harrison, is set to continue.
Since acquiring the Mavericks in 2000, Cuban has shaped them into a perennial force in the NBA. Under his leadership, Dallas has notably missed the playoffs merely five times and achieved NBA Finals appearances twice, clinching the championship in 2011. Alongside this success, Cuban has carved out a reputation as one of the league’s more outspoken and controversial figures, frequently voicing critiques of officiating and accruing substantial fines from the league office.
The Adelson family’s prominence in Las Vegas adds a layer of intrigue to their purchase of the Mavericks. Speculation has long swirled around Las Vegas as a potential destination for an expansion team, albeit facing formidable competition. LeBron James has publicly expressed interest in owning an expansion franchise in Vegas post-retirement. Perhaps the Adelsons perceived the Mavericks acquisition as a more concrete opportunity compared to the uncertainties surrounding Las Vegas.
In a year marked by shifts in ownership, this move stands as another significant transformation in the NBA landscape. From Robert Sarver’s sale of the Phoenix Suns to the spirited entry of new owner Mat Ishbia, to Michael Jordan’s offseason sale of the Charlotte Hornets, the league’s governing body has witnessed notable changes. Now, with Cuban’s stake sale, the league sees the departure of one of its prominent and enduring owners
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