Not familiar with the Adelson name? Well, a Bloomberg report from just about an hour before Stein’s report will help put all the pieces into place. Apparently Miriam Adelson, widow of casino magnate Sheldon Adelson, is selling $2 billion of stock in Las Vegas Sands Corp. so the family can acquire a majority stake in an unidentified professional sports team.
All indications are that 2 + 2 equals 4 here and that the Adelson Empire is about to elbow up to the dinner table in Dallas.
“League sources say Mark Cuban would continue to retain operational control of the team,” Stein reported.
The Adelson family is in the process of buying a significant stake in the Dallas Mavericks, @TheSteinLine has learned.— Marc Stein (@TheSteinLine) November 28, 2023
League sources say Mark Cuban would continue to retain operational control of the team.
More to come on this breaking news via https://t.co/A6ycVmnrjq
Shams Charania of the Athletic had a few more details. Charania reported that Adelson’s stake would be a “majority stake,” valued in “range of $3.5 billion” and confirmed Stein’s report that Cuban would keep his shares in the team “and full control of basketball operations.”
Sources: Mark Cuban is selling a majority stake of the Dallas Mavericks to Miriam Adelson and casino tycoon Adelson family for valuation in range of $3.5 billion. In one of most unique setups in NBA history, Cuban keeps shares in team and full control of basketball operations. pic.twitter.com/9iTqZvoGX1— Shams Charania (@ShamsCharania) November 28, 2023
Is this the beginning of Mark Cuban’s employment — as opposed to ownership — with the Dallas Mavericks? Before anyone starts downgrading the man based on the fact that a bigger checkbook just entered the building, keep this in mind. Cuban bought the Mavs for around $285 million in 2000. To sell off a majority of that investment 23 years later for $3.5 billion means he’ll be getting about a 1,100% return.
Adelson coming aboard could be a sign of things to come, in the way of the gamification of the sports attendance experience. With professional sports franchise owners getting into bed more and more closely with casino ownership, do we inch ever closer to the day when you can place an in-game bet not only at a kiosk in the concourse, but from your seat as well?
Las Vegas Sands Corp. owns and operates The Venetian Macao Resort Hotel, the Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Cotai Strip, and the Sands Macao in Macao, the People’s Republic of China; and Marina Bay Sands in Singapore.
Adelson controls about 433 million shares of Sands, or more than 56% of the total outstanding. The stock being sold represents about 11% of those holdings. She is worth about $33 billion, according to the Bloomberg Billionaires Index. Cuban, for transparency’s sake, is currently worth an estimated $6.2 billion, according to CNBC.
News of the shakeup at the top of the Mavericks comes just a few days after Cuban announced that he will step away from “Shark Tank,” the ABC business-reality TV show he has co-hosted since 2012, upon the conclusion of the show’s upcoming 16th season.