The NBA approved Mark Cuban’s sale of a majority stake in the Dallas Mavericks to the family of Miriam Adelson, the majority shareholder of Sands of Las Vegas Corp.
The $3.5 billion deal was approved Wednesday by the basketball league’s board of governors and is expected to close this week, according to a report. statement. Cuban will retain a minority stake.
The approval brings Adelson, the widow of casino mogul Sheldon Adelson, and Las Vegas Sands closer to their goal of eventually building a casino and arena complex in Dallas. Sands has been trying unsuccessfully for years to convince Texas to legalize casino gaming. The company specializes in large resorts incorporating hotels, casinos, convention spaces and entertainment.
“The state of Texas has always been friendly to our family and we look forward to being able to repay that kindness,” Adelson said in a statement. “I’m excited to spend time cheering on the team and meeting members of their passionate fan base.”
Cuban bought the Mavericks for $285 million in 2000 and is a familiar presence in his courtside seats. The price represents a significant premium over the Mavericks’ $2.77 billion valuation set by sports media company Sportico. in December, but lags behind the $4 billion paid by Mat Ishbia for the Phoenix Suns earlier this year, the highest price ever paid for an NBA team, excluding minority interest sales. This deal also included the WNBA’s Mercury.
Over the past two years, record sums have been paid to sports teams, including $6 billion for the NFL’s Washington Commanders and $5.4 billion for the Chelsea Football Club.
Learn more: Adelson reportedly only woman among richest American sports owners
The Adelson family owned more than 50% of Las Vegas Sands, according to a regulatory filing in March, before announcing plans last month to sell $2 billion in stock to finance the purchase of the Mavericks.
Adelson is worth more than $34 billion, according to the Bloomberg Billionaires Index.
