The National Basketball Association (NBA) has sanctioned Mark Cuban’s decision to divest from the Dallas Mavericks by approving the sale of a majority stake to the family of Miriam Adelson. Ms. Adelson is the controlling shareholder of the Las Vegas Sands Corp.
The deal, worth $3.5 billion, received clearance from the NBA’s Board of Governors this Wednesday and is anticipated to finalize by the week’s end, as announced in an official
NBA statement. Notably, Mr. Cuban will retain a minority stake in the professional basketball team post-sale.
This acquisition brings Ms. Adelson and Las Vegas Sands one step closer to their long-pursued vision of constructing a casino and arena complex in Dallas. Over the past years, Sands’ endeavors to establish such a facility in the city have continuously fallen short of success.
Further details about the deal can be found in the original Bloomberg Law article.