Mark Cuban is reportedly selling a majority of his stake in the Dallas Mavericks to fellow billionaire Miriam Adelson.
The Adelson family is the prospective buyer of Cuban’s majority share, multiple NBA reporters have suggested, according to a report.
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Miriam Adelson, the 78-year-old widow of casino magnate Sheldon Adelson, has a reported net worth of over $30 billion and is the primary owner of the Las Vegas Sands company.
She is ready to sell $2 billion of stock in Las Vegas Sands Corp. to acquire the majority stake in the Mavericks, the report noted.
Cuban, 65, will maintain partial ownership of the team, which now has an estimated valuation of $3.5 billion.
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A binding purchase agreement is in place, according to a regulatory filing from Sands on Tuesday, and proceeds from Adelson’s stock sale will go toward the purchase, “subject to customary league approvals.”
The report of Cuban’s sale of his majority stake in the Dallas Mavericks comes on the heels of his announcement that he will be departing from Shark Tank after season 16.
