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Billionaire investor Mark Cuban is selling a majority stake in his basketball team, the NBA’s Dallas Mavericks, to Miriam Adelson and her family, The Athletic reported, citing people familiar with the deal.
The team will be valued in the range of $3.5 billion in the transaction, the sports website said.
Cuban, who bought the Mavericks in 2000 for $285 million, will keep a stake in the team and be in charge of operations, according to The Athletic.
Adelson and her family announced in a statement Tuesday the sale of $2 billion in Las Vegas Sands shares to buy “a majority interest in a professional sports franchise,” without identifying the team.
She is the main shareholder of the casino company and has a fortune estimated at $31.7 billion, according to Forbes.
Adelson and her late husband, Sheldon Adelson, who died in 2021, were also known for being major contributors to the Republican party.
