Business tycoon Mark Cuban is selling his majority stake in the Dallas Mavericks to Miriam Adelson, according to Shams Charania. Adelson is the widow of casino tycoon Sheldon Adelson, and she’s selling a $2 billion stake in Las Vegas Sands as part of the move. However, Cuban will retain some shares in the team and most importantly, retain control of basketball operations.
Sources: Mark Cuban is selling a majority stake of the Dallas Mavericks to Miriam Adelson and casino tycoon Adelson family for valuation in range of $3.5 billion. In one of most unique setups in NBA history, Cuban keeps shares in team and full control of basketball operations. pic.twitter.com/9iTqZvoGX1
— Shams Charania (@ShamsCharania) November 28, 2023
Cuban bought the Mavericks in January 2000 for $285 million and quickly transformed the franchise. The team had won just 40% of its games in the 20 years prior to Cuban’s ownership, and made the playoffs five times. The team did make the playoffs in the 2000-01 season, which was the year Cuban took over.
Since Cuban’s arrival, the Mavericks won 69% of their games during the regular season and made the playoffs in all but four seasons. Cuban had his influence in taking some of the best players in Mavericks history like Dirk Nowitzki and Steve Nash, while setting up the current roster for success with Luka Doncic. He’s signed off on big trades for Kristaps Porzingis and Kyrie Irving, although neither move has worked out as well as the team hoped. Regardless, moving a franchise from $285 million to $3.5 billion is no small feat.