Mark Cuban is reportedly selling his majority stake in the Dallas Mavericks to Miriam Adelson and the Adelson family, prominent figures in the casino industry, at an estimated valuation of around $3.5 billion in a sudden development on Tuesday.
This move marks a significant shift in the ownership structure of the Mavericks, as Cuban has been synonymous with the team since purchasing it for $285 million in 2000.
According to NBA insider Shams Charania, Cuban will retain ownership shares in the team and maintain complete control over basketball operations.
Forbes' NBA team valuations indicate that the Dallas Mavericks hold the seventh spot in terms of value, valued at $4.5 billion. They trail the Golden State Warriors ($7.7 billion), New York Knicks ($6.6 billion), LA Lakers ($6.4 billion), Boston Celtics ($4.7 billion), LA Clippers ($4.65 billion) and Chicago Bulls ($4.6 billion).
According to Celebrity Net Worth, Mark Cuban's estimated net worth is $5.2 billion as of 2023.
Cuban's decision to sell the majority stake in the Mavericks occurred shortly after he declared his departure from the long-running television show "Shark Tank" following 16 seasons. His active participation in the show, where he invested significant amounts in various entrepreneurial ventures, has been a notable aspect of his public persona.
Miriam Adelson, the widow of the late businessman Sheldon Adelson, and her family, with a net worth of $32.3 billion according to Forbes, recently sold $2 billion in shares of Las Vegas Sands. This move suggests a shift in their investment portfolio toward ownership in professional sports.
Ownership history of the Dallas Mavericks
The Dallas Mavericks franchise was founded in 1980 by businessman Don Carter and partner Norm Sonju. The team struggled in its early years but achieved its first winning season and playoff berth in its fourth year.
In 1996, Ross Perot Jr. purchased the team from Don Carter. In 2000, then internet entrepreneur and newly minted billionaire Mark Cuban bought a majority stake in the team from Perot Jr. for $285 million.
Under Cuban's ownership, the Mavericks won their first and only NBA championship in 2011. The team has also won four division titles and two conference championships and reached the playoffs 11 times out of 12 seasons between 2001 and 2012.
As the owner of the team, Cuban has demonstrated a fervent commitment, establishing himself as a familiar presence and name among NBA fans. Up until 2020, he has accumulated fines exceeding $2 million over a span of 20 years.