The NBA’s Dallas Mavericks owner, Mark Cuban is in the process of selling a majority stake of the franchise to Miriam Adelson and her family.
Under the terms of the $3.5 billion sale, Cuban, an American billionaire businessman, will still retain full control of the team’s basketball operations.
Cuban had originally purchased the Mavericks in 2000 for roughly $285 million.
About a year ago, Cuban expressed his interest to sell and to partner with the Adelson family. Cuban also said last year he had hopes to move the Mavericks to a new arena in downtown
Dallas that would be “in the middle of a resort and casino.”
Cuban has been an avid supporter of legalizing gambling in Texas.
Adelson, a doctor by trade, and the widow of Sheldon Adelson, former CEO and chairman of the casino company Las Vegas Sands. Adelson reportedly sold $2 billion dollars of Sands stock this week.
According to league rules, the NBA Board of Governors must first approve any deal.
In another note, after filming the next season of Shark Tank, Cuban will leave the show to spend more time with his teenaged kids. Cuban had been on the show since 2011, as an investor of small businesses and/or products.
By - FZ
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