Mark Cuban first became the majority owner of the Mavericks in the year 2000, and quickly became well-known for being a very active, hands-on leader, quickly becoming a personality in the NBA. Now reports are flooding the internet revealing how the 65-year-old is ready to sell his stakes to Miriam Adelson for an estimated $3.5 billion, and will keep some shares in the team to retain control of basketball operations.
According to Forbes’ recent financial analysis, the Dallas organization ranked seventh in the most valuable NBA franchises at an estimated $4.5 billion. However, “the unique structure of the agreement figures to hold far greater appeal to Cuban than making a deal at a higher franchise valuation,” wrote insider Marc Stein.
“It is poised to allow him — for the foreseeable future — to function with the same hands-on ownership style he has employed for nearly 24 years,” he reported.
Mark Cuban paid $285 million for the Dallas Mavericks in 2000.
He is now selling his 85% ownership stake in the team.
The team is estimated to be worth approximately $3.5 billion.
Legendary 💪🏻 pic.twitter.com/9iQWn5q2RN
— theficouple (@theficouple) November 29, 2023
While Cuban is yet to release any official statements, he had mentioned his interest in partnering with Adelson’s “Las Vegas Sands” and build a new stadium for the Mavericks.
“My goal, and we’d partner with Las Vegas Sands, is when we build a new arena, it’ll be in the middle of a resort and casino,” the billionaire businessman said during an interview with The Dallas Morning News in 2022. “That’s the mission.”
Forbes recently listed Miriam as the fifth-richest woman in the world, as she’s the largest shareholder of the Sands Las Vegas billion-dollar casino and resort company. She’s the widow of the project’s founder Sheldon Adelson, who unfortunately died in January 2021.
In a recent company announcement this week, she revealed that she’s selling $2 billion worth of the business’ stock in Las Vegas Sands corp., to help fund the “purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals.”
Cuban is also leaving “Shark Tank” after its 16th season and explained the reasons behind this decision
It seems as if many changes are looming for the famous billionaire, as he also offered an explanation recently over the reasons why he’s leaving “Shark Tank” after so many years. Mark expressed that his kids are getting older and are soon to leave the nest, as he naturally wants to spend more time with them.
“I have three kids, 14, 17, and 20,” Cuban shared. “They are getting close to that age when they will be on their own. I want to try to have my summers to spend family time with them before they want to talk to me even less than they do today.”
“I just want to have a couple summers with my teens before they go off on their own,” he added. “Nothing to do with the show. I love it. I love being on it. I love what [it] represents and how it motivates entrepreneurs around the world.”
Cuban revealed that his favorite pick to replace him is Emma Grede, as she’s the co-founder of Kim Kardashian’s SKIMS and Khloe Kardashian’s Good American brands. She also became the first black woman investor on the show when she served as a recurring shark since November 2021.