The widow of casino magnate Sheldon Adelson, Miriam Adelson, intends to sell $2 billion of shares in Las Vegas Sands (NYSE:LVS) to claim a majority stake in the Dallas Mavericks NBA team from billionaire Mark Cuban.
Renowned as a tech billionaire and for his role on ABC’s “Shark Tank” entrepreneur show, Cuban has pledged to retain a share in the NBA franchise, according to reports on Tuesday, including Bloomberg. An official announcement about the deal is imminent.
According to a report from The Athletic, the sale values the Mavericks franchise at a total of $3.5 billion. Cuban will maintain a stake in the team and full control of basketball operations.
Having acquired the Mavericks from H. Ross Perot Jr. in 2000 for $285 million, Cuban’s sale is expected to mark a significant shift in the team’s ownership.
Miriam Adelson is committed to purchasing the team, as indicated in a previous filing.
Las Vegas Sands (LVS) shares experienced a 4.4% drop in after-hours trading.