Report: Mark Cuban selling majority stake of Dallas Mavericks
PITTSBURGH (KDKA) — Mark Cuban is in the process of selling a majority stake in the Dallas Mavericks to casino magnate Miriam Adelson, The Dallas Morning News reports.
The Pittsburgh native and majority owner of the NBA franchise is selling the stake to Miriam Adelson and the Adelson family, the Dallas Morning News reports. But under the terms of the deal, Cuban would still maintain full control of the team's basketball operations. Miriam Adelson is the widow of Las Vegas casino mogul Sheldon Adelson.
In an email to CBS News on Tuesday, Cuban said, "Nothing to add. Thanks for asking!"
When reached, a spokesperson for the Mavericks also refused to comment on the report, instead referring CBS News to the Adelson family for comment.
According to a Tuesday filing with the Securities and Exchange Commission, Miriam Adelson plans to sell $2 billion of her stock in Las Vegas Sands Corp., of which she is the majority owner, to purchase "a majority interest in" an unnamed "professional sports franchise."
According to NBA insider Shams Charania, the sale is at a valuation of $3.5 billion. NBA correspondent Marc Stein was first to report the news of the sale.
League rules state that any deal must be approved by the NBA Board of Governors.
According to The Dallas Morning News, if the deal is finalized, it would merge the interests of Cuban and the Las Vegas Sands Corporation, which have planned to partner in building a casino and resort in Dallas if gambling is legalized in the Lone Star state.
On Wednesday, the families of Miriam Adelson and her son-in-law, Las Vegas Sands Corp. president and COO Patrick Dumont, released a statement to CBS News about the purchase:
"The Adelson and Dumont families have entered into binding purchase agreements to acquire majority ownership and the right to serve as Governor of the Dallas Mavericks.
"The families are targeting a closing of the transaction by year-end, subject to satisfaction of customary closing conditions and approval of the NBA Board of Governors.
"The Dallas Mavericks are one of the world's most successful and recognizable sports franchises. The team has won an NBA championship, has a long history of attracting international superstars and has been supported by a dedicated and passionate fanbase and leadership group led by Mark Cuban.
"The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise. Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team's success and legacy in Dallas and beyond.
"The goal is to win and to have a team that proudly represents the greater DFW area and serves as a strong and valuable member of the local community.
"We believe that with this partnership and our commitment to the team, the community and the fans, the future is bright for the Dallas Mavericks."
Cuban's pursuit of riches and success took him from Pittsburgh to Dallas, where he made his fortune. Cuban bought the Dallas Mavericks in 2000 for $285 million from Ross Perot Jr. and has been one of the league's most high-profile owners ever since.
The multi-billionaire also said on Monday that he will leave the TV show "Shark Tank" after the upcoming 16th season.
Cuban's Pittsburgh roots
Mark Cuban grew up in Mt. Lebanon, which is roughly 10 miles outside of Pittsburgh, and attended the University of Pittsburgh without graduating high school. He later graduated from the Kelley School of Business at Indiana University.
"Pittsburgh's a great town," Cuban told CBS News in January. "My dad did upholstery on cars on West Liberty Avenue for Regency Products, my mom did odd jobs."
His first taste of big money came when he sold a software company he'd built called MicroSolutions. His fortune soon rose to billions, and he credits Pittsburgh for some of his success.
"I think a lot of it, it's an immigrant city," he told KDKA-TV earlier this year. "Some of our grandparents lived through the Depression or our parents were born during the Depression and that molds you and that really defines hard work."