Miriam Adelson is selling off $2 billion worth of her stock in Las Vegas Sands Corp. — and plans on using it to get into the world of professional sports.
According to The Stein Line, the family plans to buy a significant share of the NBA’s Dallas Mavericks. The report also states Mark Cuban would retain operational control of the franchise.
According to multiple reports, Cuban is selling a majority stake in the franchise for a valuation in the range of $3.5 billion.
Sands announced the move in a release late Tuesday, with an SEC filing indicating that Adelson plans to use the proceeds from the sale — in addition to cash on hand — to purchase a professional sports team.
2000: $285 million
— Front Office Sports (@FOS) November 29, 2023
2023: $3.5 billion@mcubanpic.twitter.com/5tgGOW9qxn
The $2 billion represents approximately 10% of Adelson’s stake in the company, which she inherited after her husband, Sheldon, died in 2021.
According to Forbes, Adelson is the fifth-richest American woman with an over $32 billion net worth.
Cuban has owned the Mavericks since 2000, when he purchased a majority share in the franchise for $285 million.
