This morning, journalist Marc Stein shocked the world basketball community with an extremely shocking headline: Billionaire Mark Cuban sells most of his shares in the Dallas Mavericks.
Billionaire Miriam Adelson’s family from Las Vegas is said to be negotiating to buy back these shares.
As one of the most famous owners in the NBA, Mark Cuban’s sale of shares right in the middle of the season was a real shock to most fans.
Mark Cuban is 65 years old. He has been the owner of the Dallas Mavericks since 2000. After more than 20 years with the team, Mark has become one of the most famous owners in basketball.
So what is the reason why this man decided to sell Dallas Mavericks? Let’s find out with The Sporting News Vietnam right below.
Why did Mark Cuban sell the Mavericks?
According to many sources, Mark Cuban sold most of his shares in Dallas Mavericks to the Adelson family, the specific price is about 3.5 billion USD. But that does not mean that he will leave the team, instead Mark will still retain a few shares and still have full authority to decide on operating activities.
In a recent report by Forbes magazine, the Dallas Mavericks are currently ranked 7th in brand value in the NBA, estimated at about 4.5 billion USD.
In December 2022, Mark Cuban shared in an interview that he hopes to have the opportunity to cooperate with the Adelson family in the future, which will help the Dallas Mavericks have the opportunity to build a new arena.
“My goal is to cooperate with Las Vegas Sands (a company owned by the Adelson family) to build a new arena. The arena will be located between a luxury resort and casino. That is my mandatory duty.” Mark Cuban said.
Although sports betting and casinos are still illegal activities in Texas, Mark Cuban and the Adelson family have clearly shown their future goals and the Dallas Mavericks are the springboard to do this.
Luka Doncic and his teammates are still playing at the American Airlines Center arena, built in 2001. The lease contract between the two parties is valid until 2031, which is more than 7 years left. Mark Cuban and Adelson still have plenty of time to create a detailed plan of what they need to do in the future.
Who is Miriam Adelson?
Miriam Adelson is currently the largest shareholder of the resort and casino company Sands Las Vegas. According to recently published financial reports, the value of this company has reached billions of dollars. According to Forbes, Miriam is currently the fifth richest woman in the world.
In a recent company announcement, Miriam also revealed that she is selling shares of the company for $2 billion. This money will be used to invest in sports activities.
How much did Mark Cuban buy the Mavericks for?
Cuban bought the Mavericks in January 2000 for $285 million.
With the sale price said to be about 3.5 billion USD, Cuban will earn about 3.22 billion USD in profit.
Mavericks’ achievements with Mark Cuban
Cuban took over the Mavericks in January 2000 when the team was on a 29-year streak of never advancing further than the Western semifinals. But since being led by Cuban, the Mavericks have advanced to the Playoffs for 12 consecutive years, including two Finals appearances. The Dallas Mavericks also won the championship once during the golden era of the Miami Heat with LeBron James, Dwyane Wade, and Chris Bosh.
In 23 seasons under Mark Cuban’s ownership, Dallas only missed the Playoffs 5 times. This helps the team’s reputation grow further and become one of the teams with the highest brand value in the NBA.
Mark Cuban is also recognized for contributing to the success of legends like Dirk Nowitzki or currently Luka Doncic.
