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Tim MacMahon, ESPN Staff Writer
DALLAS — The Adelson family has had advanced discussions about buying a significant share of the Dallas Mavericks, sources told ESPN.
Mark Cuban would remain governor of the franchise and in control of all basketball decisions, according to sources.
The agreement would be in the valuation range of $3.5 billion and take weeks for the league to process, The Associated Press reported, citing a person with knowledge of the talks.
According to an SEC filing, the Adelson family is selling almost $2 billion in stock in the Las Vegas Sands Corp., “to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals.”
The filing identified Miriam Adelson, a medical doctor and widow of casino magnate Sheldon Adelson, and the Miriam Adelson Trust as sellers, but it didn’t specify a team, league or location.
If the entirety of the $2 billion goes toward the purchase, it would mean the Adelson family could be acquiring at least 57% of the NBA team — based on the $3.5 billion valuation.
The vetting process for new owners in the NBA typically takes at least several weeks, and approval must then be granted by the league’s board of governors.
The Sands group, led by Miriam Adelson and her son-in-law and company president, Patrick Dumont, has previously had discussions with Cuban about building a casino entertainment district in Dallas that would include a new arena for the Mavericks. Those plans would require gambling to become legal in Texas, for which Cuban has lobbied state politicians.
Cuban, 65, has owned the Mavs since 2000, when he purchased a majority share in the franchise for $285 million. He recently announced he was leaving the popular business TV program “Shark Tank” after a 16th season next year.
NBA reporter Marc Stein first reported the Adelson family’s intention to purchase a share of the Mavs.
Information from The Associated Press was included in this report.
Source: www.espn.com