Son of Dallas Mavs Ownership Buyer Miriam Adelson Recently Bought Hapoel Bank Yahav Jerusalem
DALLAS — The Dallas Mavericks became the sports world's focus ahead of Tuesday's matchup against the Houston Rockets due to an impending change in the ownership stake of the franchise.
According to a filing with the Securities & Exchange Commission, Miriam Adelson plans to sell a $2 billion stake in company stock to purchase a professional sports franchise — later revealed to be the Mavs.
“We have been advised by the selling stockholders that they currently intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approval."
Shams Charania of The Athletic later reported that Mark Cuban is selling a majority stake in the Mavs in the range of $3.5 billion. Despite that, he will reportedly remain in control of basketball operations for the foreseeable future. The sale will require approval from the NBA's Board of Governors.
"Mark Cuban is selling a majority stake of the Dallas Mavericks to Miriam Adelson and casino tycoon Adelson family for a valuation in the range of $3.5 billion," Charania wrote. "In one of the most unique setups in NBA history, Cuban keeps shares in the team and full control of basketball operations."
The Adelson family already has an evident passion for the game of basketball. In June, Miriam's son, Matan, reportedly led an ownership group that paid around $20 million for a 90 percent stake in Hapoel Bank Yahav Jerusalem and serves as President. The fan association owns the other 10 percent of the team.
In 2022, Cuban expressed a desire to build a Dallas resort casino and arena for the Mavs while naming Las Vegas Sands as the desired partner.
“My goal, and we’d partner with Las Vegas Sands,” Cuban told Dallas Morning News in 2022, “is when we build a new arena it’ll be in the middle of a resort and casino. That’s the mission.”
Cuban has already been in the news since announcing his 16th season participating in ABC's Shark Tank will be his last.
