Mark Cuban is selling the Dallas Mavericks
A potential gambling empire is headed to Dallas
Happy Friday World,
What an interesting week for the NBA. Although the In-Season Tournament just wrapped up group play, the news surrounds one of the teams that has been eliminated. The Dallas Mavericks and their owner, Mark Cuban, have been in the headlines as it was revealed on Tuesday that he would sell his majority stake in the team to Miriam Adelson and her family.
Who is Miriam Adelson?
But first, who is Miriam Adelson and her family? The Adelson family are majority shareholders in Las Vegas Sands Corp., an American casino and resort company. Miriam Adelson is an American-Israeli physician who was married to Sheldon Adelson until his death in 2021. She and her husband purchased the Sands Hotel and Casino in Las Vegas in 1988 for $110 million. They would grow the business into what it is today, and she was even awarded the Presidential Medal of Freedom in 2018. She is estimated to be the fifth richest woman in America, with a net worth of approximately $32.8 billion.
The real reason for the deal
This deal comes as a shock to many as it is by far one of the most interesting ones in sports. Mark Cuban purchased the Mavericks back in 2000 for $285 million and will now sell it in 2023 for a 1,128% increase at $3.5 billion. Many may believe this is a discount for a franchise like the Mavericks, but Cuban will remain in control of operations and retain a minority stake in the team.
That isn't even the craziest part of the deal. This deal really is part of a bigger plan to bring legalized gambling to the state of Texas, and Mark just found his partner to help him do it.
Many speculate that the reason Cuban sold was due to a potential run for President, which he has ruled out on numerous occasions. Instead, it may be a change in philosophy for Mark. With the bankruptcy of regional sports networks and team prices reaching all-time highs, he may not be as bullish as he once was on the future of the NBA. So, he made billions in profits and will still be able to do the fun part of owning a team: operating it.
When Cuban first arrived in Dallas, he inherited a struggling franchise he needed to update. Now that the stadium is 20 years old, Cuban has mentioned thoughts about building a new one and one that would include a resort. He even mentioned Las Vegas Sands as his partner in a potential project.
In the meantime, Las Vegas Sands has been busy in Texas, hiring 89 lobbyists and the Adelson family donating millions to politicians in Texas. It wasn't enough to get the bill past the House last year, but others like Jerry Jones (Dallas Cowboys) and Tillman Fertitta (Houston Rockets) are donating millions to help get this passed.
Now, the Mavericks may become a bargaining chip as they can now threaten to move the team if the politicians don't conform to their request. Gambling could also benefit the state as it would bring in billions in tax revenue.
Look, there are still a lot of moving parts to all this, but at the end of the day, Mark Cuban came out like a bandit. He made billions and still gets to do all the fun aspects of owning a team.