NBA basketball has something to do with glamour, gambling and casinos. From famous plays by Golden State Warriors players to bets made by league icon Michael Jordan. Now, the relationship is getting even closer as the owner of multiple Las Vegas casinos and a media companywill acquire a majority stake in the North Texas-based Dallas Mavericks.
The investment was led byMiriam Adelson, the widow of Las Vegas Sands casino tycoon Sheldon Adelson, who died in 2023. Mark Cuban, the team’s owner, sold a controlling stake worth $3.5 billion to the Adelson family. The sale, which was publicized by The Athletic media, allows Cuban to retain control of the Mavericks’ athletic decisions.
The deal has not yet been confirmed by either party, although a notice has been confirmed by US media, citing Las Vegas Sands financial regulator Adelson & Company. The company announced it would sell shares for $2 billion. According to the agreement between the parties, the proceeds will be used to”finance the majority of acquisitions of professional sports franchises.”
Now is the time, and the deal must be approved by the league Approval, which may take several weeks. The deal must then be approved by the NBA’s Board of Governors.