Mark Cuban, Dallas Mavericks owner, actively negotiated the sale of most stakes in the NBA franchise to the Adelson family, appraising it at $3.5 billion.
The family’s matriarch, Miriam Adelson, widow of Las Vegas casino tycoon Sheldon Adelson, funded the acquisition by selling $2 billion worth of her stock in Las Vegas Sands Corp.
She decided to keep Cuban as the franchise’s controlling owner.
Adelson acquires stake in Dallas Mavericks, Cuban to head basketball operations
Ever since his $285 million purchase of the Mavericks in 2000, Cuban has been at the helm. He remains governor of the franchise and in control of all basketball decisions even with the new deal.
The completion of the sale hinges on routine league approvals. Once finalized, it will align the interests of Cuban and the Las Vegas Sands Corporation.
They intend to jointly construct a casino and resort in Dallas, contingent on Texas legalizing gambling.
Michael Jordan’s Hornets Ownership Sale
A representative for Michael Jordan confirmed that the NBA legend opted to pass on his majority ownership of the Charlotte Hornets to affluent investors, Gabe Plotkin, and Rick Schnall.
The sale, which amounted to $3 billion, allowed Jordan to keep a minority stake in the team. In 2010, Jordan bought a majority ownership of the Hornets for $275 million, despite already owning a minority interest.
Jordan was set for a considerable return on investment if the sale was approved, as it would bring in approximately ten times his initial investment.
With the transaction approved in a 29-1 vote by the NBA Board of Governors, Plotkin and Schnall have taken over the reins of the team, while Jordan has chosen to retain a minority stake. This marked the establishment of the new ownership group.