Mark Cuban is selling a majority stake in the Dallas Mavericks to Miriam Adelson and her family. Cuban retains a stake and will oversee basketball operations. Miriam Adelson, the fifth richest woman globally, is selling $2 billion in Las Vegas Sands stock (around 10% of her stake) to fund the purchase of a professional sports team.
The Adelson family, major shareholders in Las Vegas Sands, plans to use the proceeds for this purpose. Las Vegas is rumored as a potential NBA team destination. Adelson's wealth comes from inheriting 56% of Las Vegas Sands shares after her spouse, Sheldon Adelson, died. The Adelson estate's shares were valued at over $20 billion. Las Vegas Sands will buy $250 million worth of Adelson's shares, and the company authorized a $2 billion share repurchase.
The stock fell more than 4% after the news. Adelson, known for political giving, is shifting from previous activities. She has met with GOP candidate Nikki Haley and former President Donald Trump. As a medical doctor, Adelson focuses on addiction and philanthropy. Born in Israel, she supports causes improving Jewish relations and criticizes protests against Israel's military response to terrorist attacks.
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