Mark Cuban is selling a significant portion of his majority ownership stake in the Dallas Mavericks to Miriam Adelson and the Adelson family. This transaction values the team at $3.5 billion.
Sources: Mark Cuban is selling a majority stake of the Dallas Mavericks to Miriam Adelson and casino tycoon Adelson family for valuation in range of $3.5 billion. In one of most unique setups in NBA history, Cuban keeps shares in team and full control of basketball operations. pic.twitter.com/9iTqZvoGX1
— Shams Charania (@ShamsCharania) November 28, 2023
The Adelsons are best known as the controlling owners of resort and casino company Las Vegas Sands Corporation, whose portfolio includes the Marina Bay Sands in Singapore and The Venetian Macao.
In a unique twist, Cuban will keep a minority ownership stake in the team and retain complete control over the Mavericks' basketball operations and decision-making processes. The 65-year-old billionaire took control of the team in 2000 after purchasing a majority stake for $285 million.
Miriam Adelson will reportedly sell $2 billion worth of stock in Las Vegas Sands to complete the purchase. Forbes estimates that Adelson and her family have a net worth of $32.3 billion, making her the 44th-richest person and the fifth-richest woman in the world.
Before Cuban's ownership, the Dallas Mavericks experienced a 10-year playoff drought. However, since Cuban took over, the team has reached the playoffs 18 times in the last 23 seasons, culminating in the 2011 NBA championship.
Cuban's outspoken nature has led him to accumulate $4 million in fines from the NBA due to his various comments and other infractions.
The most memorable moments of Mark Cuban as Dallas Mavericks majority owner:
1. Mark Cuban's hilarious April Fools Day prank.
During an April 2003 home game, Cuban orchestrated a playful April Fools Day prank during a second-quarter timeout against the New Orleans Hornets at the American Airlines Center.
Cuban hired a fake NBA referee and engaged in a simulated shouting, shoving, and altercation with the referee impostor.
The prank initially caused panic among the crowd and some Mavericks staff, who believed an actual altercation was unfolding. However, Cuban gave away the joke by bursting into laughter, revealing the light-hearted nature of the spectacle.
2. Mark Cuban smiles after losing the game.
During their penultimate 2022-23 regular season loss against the Chicago Bulls last April, the Mavs virtually lost any chances of making the playoffs after missing out on a play-in spot, finishing 11th in the Western Conference despite boasting a lineup with stars Luka Doncic and Kyrie Irving.
Despite the dismal season, the loss ensured that the Mavericks would have a top ten pick in the upcoming draft later that year, which they used to acquire big man Dereck Lively II. The prospect of securing a high draft pick brought a smile to Mark Cuban's face despite the Mavs losing against the Bulls.
3. 2011 NBA Championship
The pinnacle of Cuban's success as team owner was the historic playoff run in 2011 when the Mavericks clinched their first NBA Championship.
During this sensational journey, the Mavs swept Kobe Bryant's Los Angeles Lakers, overcame the core of Kevin Durant, Russell Westbrook, and James Harden on the Oklahoma City Thunder, and upset the heavily favored Miami Heat led by LeBron James, Dwyane Wade, and Chris Bosh in the NBA Finals, securing the title in six games.
Cuban made a notable attempt to depart from the tradition of awarding traditional championship rings to players. Instead, he proposed the idea of alternative hardware, such as championship belts. However, this proposal did not come to fruition.
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