Cuban bought the Mavericks for $285M in 2000
Mark Cuban, the billionaire owner of the NBA’s Dallas Mavericks, will reportedly sell a majority stake in the team to billionaire Miriam Adelson, widow of late businessman Sheldon Adelson, according to multiple reports.
The Mavericks referred Fox Business to the Adelson family.
Cuban didn’t immediately respond to a request for comment.
Adelson said in a Las Vegas Sands filing earlier Tuesday she would sell $2 billion in stock to buy a majority stake in a sports franchise. But no franchise was named in the filing despite it saying there was a “binding purchase agreement.”
Sportico first reported that Cuban was going to sell to Adelson. The Athletic reported the deal would be worth around $3.5 billion and that Cuban would keep shares in the team and run basketball operations.
The deal will still need to be approved by the NBA.
Cuban bought the team in 2000 for $285 million from Ross Perot’s group. According to Forbes, the team is now valued at around $4.5 billion. Mat Ishbia bought the Phoenix Suns and the WNBA’s Phoenix Mercury from Robert Sarver for $4 billion in December. The deal was approved in February.