Big news from Big D… Mark Cuban sells his majority stake in the NBA’s Dallas Mavericks, while still in charge of basketball operations.
The billionaire sells his majority stake Miriam Adelson …TMZ Sports has confirmed this.
While Mark is selling a stake reportedly valued at $3.5 billion, he will retain some shares in the team and be the key decision maker when it comes to basketball operations.
Cuban bought the team in 2000 for $285 million, so he’s getting a huge return on his investment!
Miriam is the billionaire widow and heiress of Sheldon Adelson and his Las Vegas casino empire… Forbes has a net worth of $32.3 billion, making her the fifth richest woman in the world.
Our sources say Adelson has plans to build a new arena for the Mavs, and if a gambling law passes in Texas, we’re told she might build a casino in Dallas as well.
Miriam is reportedly selling $2 billion of her shares in Las Vegas Sands Group to make the Mavs purchase.
Under Cuban, the Mavericks have been perennial contenders in the NBA’s Western Conference. They won and defeated the franchise’s first and only NBA championship in 2011 Le Bron James and the Miami heat.
Earlier this week, Cuban announced that he will be leaving ABC’s “Shark Tank” after its upcoming sixteenth season.
There’s a lot going on in Mark’s world… including cohosting the special “TMZ’s Merry Elfin’ Christmas,” premiering December 5 in primetime on Fox!
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