Mavericks’ $3.5 Billion Sale To Adelson Wins NBA Approval
(Bloomberg) -- The NBA approved Mark Cuban's sale of a majority stake in the Dallas Mavericks to the family of Miriam Adelson, the controlling shareholder of Las Vegas Sands Corp.
The $3.5 billion deal won clearance Wednesday from the basketball league's Board of Governors and is expected to close this week, according to a statement. Cuban will keep a minority stake.
The approval puts Adelson, the widow of casino magnate Sheldon Adelson, and Las Vegas Sands a step closer to their goal of eventually building a casino and arena complex in Dallas. Sands has sought unsuccessfully for years to convince Texas to legalize casino gambling. The company specializes in large resorts that integrate hotels, casinos, convention space 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 am excited to spend time cheering on the team and getting to meet members of its passionate fan base.”
Cuban bought the Mavericks for $285 million in 2000, and is a familiar presence at his courtside seats. The price represents a significant premium to the $2.77 billion Mavericks valuation set by sports media firm Sporticoin December, but trails the $4 billion Mat Ishbia paid for the Phoenix Suns earlier this year, the highest price ever paid for an NBA team excluding minority interest sales. That deal also included the WNBA's Mercury.
The past two years have seen record sums paid for sports teams, including $6 billion for the Washington Commanders of the NFL and $5.4 billion for Chelsea football club.
Read More: Adelson Would Be Only Woman Among the Richest US Sports Owners
The Adelson family held more than a 50% stake in Las Vegas Sands, according to a March regulatory filing, before announcing plans last month to sell $2 billion of shares to finance the Mavericks purchase.
Adelson is worth more than $34 billion, according to the Bloomberg Billionaires Index.
(Adds Adelson's statement in fourth paragraph.)
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
