Miriam Adelson, the widow of casino magnate Sheldon Adelson, is selling $2 billion of stock in Las Vegas Sands to acquire a majority stake in the Dallas Mavericks NBA franchise from Mark Cuban.
According to a regulatory filing on Tuesday, the Adelson family already has a binding purchase agreement for a team. They plan to use the proceeds from the stock sale as well as cash on hand to purchase the franchise, "subject to customary league approvals," as per Fortune.
Mark Cuban's Partial Sale of Mavericks For $3.5 Billion
CHICAGO, ILLINOIS - DECEMBER 10: Mark Cuban of the Dallas Mavericks looks on during the game against the Chicago Bulls at United Center on December 10, 2022 in Chicago, Illinois. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement.
Following an online sports publication, The Athletic, the information surfaced that Cuban will continue to manage the team and retain a stake in the organization. The Athletic valued the Mavericks franchise at $3.5 billion.
The sale by Cuban was reported earlier by basketball reporter Marc Stein on Substack. However, a spokesperson for Sands and the Adelsons declined to comment, and neither did the NBA or representatives of the Mavericks.
Cuban bought the Mavericks from H. Ross Perot Jr. in 2000 for $285 million. Under his ownership, the team has won several accolades, including one NBA championship in 2011, three division titles, and two conference championships.
In one of the most creative setups in NBA history, Cuban will keep shares in the team and full control of basketball operations, according to Shams Charania of The Athletic.
Miriam Adelson, a physician and billionaire, is the 44th-richest person, fifth-richest woman, and richest Israeli globally, with an estimated worth of $29.6 billion in 2021, according to the Bloomberg Billionaires Index. Her majority ownership of Las Vegas Sands is what brings in most of her wealth, according to USA Today.
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Miriam Adelson's Journey to Philanthropic Power
Miriam obtained American citizenship after marrying Sheldon in 1991 and has been the family's primary voice since her late husband's death in 2021. The couple previously donated over $281 million to Republican and conservative issues, including Donald Trump's 2016 presidential campaign, his presidential inauguration, his defense fund against the Mueller investigation, and the 2020 campaign, according to The Center for Responsive Politics.
Las Vegas Sands is a major casino operator that owns several properties in Macao, including the Sands, The Londoner, The Venetian, The Plaza, and The Parisian. In 2020, it was the third-largest casino company worldwide by revenue. The company also owns The Las Vegas Review-Journal newspaper, and its headquarters are still in Las Vegas.
Goldman Sachs Group Inc. and Bank of America Corp. are bookrunners on the sale. According to the latest proxy statement, Adelson controls more than 56% of Sands, which represents about 433 million shares of the company.
Despite selling the flagship Venetian resort in Las Vegas to Apollo Global Management Inc. last year, the family still retains close ties to America's gambling capital. Dr. Adelson is the current publisher of the conservative newspaper Israel Hayom and is also a voting member on the board of trusted at the University of Southern California, Mail Online reported.
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