The Dallas Mavericks, under the vivacious ownership of Mark Cuban for the past two decades, have maintained a longstanding association with the franchise. Tuesday’s announcement that Cuban is preparing to sell a controlling stake in the franchise to casino magnate Miriam Adelson and her family put an unanticipated twist on that relationship.
According to Shams Charania of The Athletic, the sale of the Mavericks resulted in an approximate valuation of $3.5 billion, with Adelson acquiring the dominant ownership interest in the organization. Marc Stein was the initial journalist to document the development that Cuban would retain operational control of the club while Adelson acquired a portion of it.
Although it is uncommon for Cuban to retain a minority stake in the franchise while continuing to oversee basketball operations, it appears that Adelson will shortly own the Mavericks, naturally pending league approval of the transaction.
Anonymous Adelson?
Not only will Adelson be one of the NBA’s wealthiest proprietors, but he will also be among the world’s wealthiest individuals. Forbes ranked her as the 35th wealthiest individual globally and the fifth richest woman in the world earlier this year; her estimated net worth is $32.3 billion. Las Vegas Sands Corp., a company that operates casino resorts in Singapore and Macau, disclosed a net income of $449 million on revenues of $2.8 billion during the third quarter. She holds the position of the largest shareholder in the latter.
Adelson, aged 78, was born in Tel Aviv and held a medical degree in Israel prior to enrolling at a medical institute in New York. She encountered Sheldon Adelson at that location; the two were united in matrimony in Jerusalem in 1991. Sheldon Adelson, who was already a prosperous industrialist, rose to prominence as a casino magnate by establishing resorts in Asia and expanding the midweek convention industry in Las Vegas. His demise took place in 2021.
Prominent supporters of Israel and Jewish causes in the United States, the Adelsons were for years among the most prominent Republican benefactors. They contributed substantially to the 2016 presidential campaign of Donald Trump, and in 2018, she was bestowed with the Presidential Medal of Freedom. The Adelsons, according to Birthright Israel, an organization that sponsors trips to Israel for individuals of Jewish heritage, contributed nearly $500 million over the course of 15 years prior to the reduction in funding last year.
Following Sheldon’s passing, Miriam assumed control of Las Vegas Sands Corp., wherein Adelson and a family trust registered in her name hold a 57 percent stake, according to a filing with the U.S. Securities and Exchange Commission.
What additional possessions does her family possess?
Adelson would incorporate the Mavericks into a diversified portfolio upon the completion of the transaction. In addition to her involvement in the gambling industry, she owns the Las Vegas Review-Journal and serves as the publisher of the Israeli publication Israel Hayom.
This summer, her son Matan acquired Hapoel Jerusalem, an Israeli club that competes in the Basketball Champions League.
Sands additionally aspires to construct a casino on the premises of the Nassau Veterans Memorial Coliseum in Long Island, New York.
To what degree does she maintain a relationship with Cuban?
Cuban’s decision to sell was influenced by Adelson’s achievements in real estate development, the potential for arena construction, and the introduction of casino gaming and amusement in Dallas, according to league sources who spoke with Shams Charania of The Athletic. The Dallas Morning News reports that Cuban stated a year ago that he intended to collaborate with Sands on a casino and resort in Dallas that would also feature a Mavericks home.
An expansion of wagering in Texas would necessitate substantial modifications in a state with two Native American casinos and no commercial casinos or legalized sports betting.
“My objective, in collaboration with Las Vegas Sands, is to construct a new arena amidst a resort and casino,” Cuban stated to The Dallas Morning News a year ago. “The mission is as such.”
