Mark Cuban is reportedly selling a majority stake of the Dallas Mavericks to Miriam Adelson who is, according to Forbes, the fifth-richest woman in the world.
Adelson is the largest shareholder of the Las Vegas Sands, a casino and hotel company. She sold approximately $2 billion worth of stock in the company on Tuesday, November 28 with the intention of buying into a sports team. It is reported that she is buying into the Dallas Mavericks for $3.5 billion.
The Mavericks are valued at $4.5 billion by Forbes, making them the seventh-most valuable franchise in the NBA. Although he will no longer own the majority of the Mavericks, Mark Cuban is expected to remain the controlling owner of the franchise.
Last year Cuban expressed that he wanted to move the Mavericks to a new arena that would be in the middle of a resort and casino. Partnering with Adelson and the Las Vegas Sands- the largest casino company in the world- would be a huge step toward accomplishing that goal, though sports betting and casinos are both illegal in Texas.