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Billionaire investor Mark Cuban is selling a majority share in his National Basketball Association franchise, the Dallas Mavericks, to Miriam Adelson and her family, as confirmed by CNBC sources.
What Happened: Although Cuban will maintain some stakes in the team and continue managing basketball operations, both the league and the Mavericks have chosen not to comment on this development, reported CNBC.
Adelson is offloading $2 billion worth of her stake in Las Vegas Sands Corp. (NYSE:LVS), which makes up about 10% of her shares. The casino company announced in a Tuesday filing that the proceeds from this sale would fund the acquisition of a professional sports team. Adelson and her family are the principal shareholders of Las Vegas Sands Corp.
See Also: Trust Stamp (NASDAQ:IDAI) Reports Q3 Results: Net Revenues Up, Net Loss Narrowed To $35,000
Adelson, recognized as the world’s fifth-wealthiest woman by Forbes, along with her family, inherited 56% of the world’s largest casino company’s shares when her husband, Sheldon Adelson, the founder of Las Vegas Sands, died in 2021.
Why It Matters: This news comes after Cuban announced his exit from the popular TV show “Shark Tank.” Cuban unveiled his decision during an interview with the Showtime podcast ‘All The Smoke.’ He told hosts Matt Barnes and Stephen Jackson that the current 15th season of ‘Shark Tank' would be his penultimate.
Image via Shutterstock
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