Mark Cuban working on $3.5B sale of Dallas Mavericks to Sands casino family, AP source says
A person with knowledge of the talks says Dallas Mavericks owner Mark Cuban is working on a deal to sell a majority stake in the NBA franchise to the family that runs the Las Vegas Sands casino company
Dallas Mavericks owner Mark Cuban is working on a deal to sell a majority stake in the NBA franchise to the family that runs the Las Vegas Sands casino company, a person with knowledge of the talks said Tuesday night.
The agreement would be in the valuation range of $3.5 billion and take weeks for the league to process, according to the person, who spoke to The Associated Press on condition of anonymity because details weren't being made public.
Cuban would retain control of basketball operations in the deal. NBA reporter Marc Stein was the first to report the potential sale.
The company controlled by Miriam Adelson, widow of casino magnate Sheldon Adelson, announced earlier Tuesday it was selling $2 billion of her shares to buy an unspecified professional sports team.
Cuban said almost a year ago he was interested in partnering with the Sands. He has been a proponent of legalizing gambling in Texas, an issue that didn't make it out of the state Legislature in a biennial session that ended earlier this year.
The 65-year-old Cuban, who just announced he was leaving the popular business TV program “Shark Tank” after a 16th season next year, rose to fame quickly after buying the Mavericks in 2000.
Dallas was one of the worst franchises in pro sports in the 1990s, but turned into one of the best under Cuban, with a lot of help from star forward Dirk Nowitzki.
Miriam Adelson is the controlling shareholder of Las Vegas Sands Corp., a publicly traded Las Vegas company that built the Venetian and Palazzo resorts but now only has
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