Mark Cuban is selling a majority stake of the Dallas Mavericks to Miriam Adelson, the widow of casino magnate Sheldon Adelson, several media reports said Tuesday.
Cuban would keep shares in the team and maintain control of the Mavs’ basketball operations, reports said. The NBA Board of Governors must approve the transaction.
Bloomberg News and Sportico reported that Miriam Adelson was selling $2 billion of stock in Las Vegas Sands Corp. “to fund the purchase of a majority interest in a professional sports franchise,” citing a regulatory filing.
Adelson’s stake is valued at $3.5 billion, according to the reports. Forbes’ most recent NBA franchise valuations pegged the Mavericks as being worth $4.5 billion, the seventh-most valuable team in the league.
Forbes estimated Adelson as the 44th-richest person in the world, controlling $32.3 billion in wealth.
Cuban, 65, has held a majority stake in the Mavericks since January 2000.