Miriam Adelson uses Sands stock cash to buy majority stake in Dallas Mavericks
According to reports, Dr. Miriam Adelson will use proceeds from the sale of $2 billion in stock and cash from Las Vegas Sands Corp. (NYSE: LVS ) to acquire a putative controlling interest in the NBA's Dallas Mavericks.
While the exact percentage of Adelson's stake in the team was not disclosed, the $3.5 billion represents a large portion of the $4.5 billion Forbes valued the Mavericks last month. The deal, which requires approval by the NBA's Board of Governors, would be one of the most unprecedented agreements in American professional sports history as it would allow current owner Mark Cuban to retain day-to-day control of the team he nearly purchased. 24 years ago.
When a sports franchise changes ownership, the new majority owner typically attempts to put their own stamp on the team while the previous regime is relegated to a smaller role or replaced.
News of Adelson's $2 billion divestment of Sands stake broke early Tuesday, marking her first sale since the death of late husband Sheldon Adelson in January 2021 . LVS said it would buy back up to $250 million of the shares it sold.
Adelson Mavericks trade sparks speculation
After it was revealed that Adelson - the richest man in Israel and one of the richest women in the world - had purchased a stake in the Mavericks, speculation about her motives reached a fever pitch on social media.
Some speculation has centered on the idea that Adelson might move the Mavericks to Las Vegas, but that's unlikely. While it's not certain, it's more likely that Cuban could use the deal to bring a casino resort to the Dallas area. He has publicly expressed his desire to do so, noting that he would partner with Sands on such a project.
It's also possible that the Adelson and Miriam Adelson Trust simply saw an investment opportunity in the Mavericks. The sale of U.S. sports franchises is rare, and with the small number of teams in the country's four major sports leagues, such deals typically fetch huge sums of money.
For example, the last two NBA teams, the Charlotte Hornets and Phoenix Suns, had sales of $3 billion and $4 billion, respectively. Cuban is sitting pretty. The 65-year-old "Shark Tank" star paid just $285 million for a majority stake in the Mavericks in January 2020.
Interesting details about the Adelson/Mavericks trade
If Adelson becomes the Mavericks' governor, she would join Houston Rockets owner Tilman Fertitta as the only two NBA owners with majority control of a casino gambling company. Others, including Cuban, have invested in fantasy sports and sports betting companies.
The biggest difference between Adelson and Fertitta is that she is not involved in the day-to-day operations of Sands, while he runs the Golden Nugget Casino Empire. If the deal is approved, Adelson would join the Los Angeles Lakers' Jeanie Buss as the only female majority owners of an NBA team.
Another interesting point could be the future interaction between Adelson and Mavericks star Kyrie Irving. Adelson is an ardent supporter of Israel and recently published an editorial in an Israeli newspaper she owns criticizing Hamas supporters. Last year, Irving was suspended from the NBA for...
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Source: www.casino.org