Dallas Mavericks owner Mark Cuban is selling a majority stake of the franchise to Miriam Adelson and her family for a valuation in the range of $3.5 billion, league sources said. Cuban, however, will retain shares in the team and full control of basketball operations.
Adelson, the largest shareholder of Las Vegas Sands, announced Tuesday she was selling $2 billion worth of stock in the company. This is approximately 10 percent of her stake.
“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 approvals,” Las Vegas Sands said in the SEC filing.
Cuban purchased the Mavericks for $285 million in January 2000.
What’s up with Oakland losing all of their sports teams lol
I think it’s mostly just that they were usually the neglected Bay Area franchise compared to the San Francisco teams. Like the Mets and Clippers to the Yankees and Lakers. When the leagues and TV people all suddenly decided Vegas/gambling were ok, the Oakland teams were kind of the obvious candidates to move from a business standpoint.
They only had one basketball team and they left to lol
And the “San Francisco” 49ers play in Santa Clara now. The Raiders were the closest team to San Francisco.