Mark Cuban Selling Majority Stake of Mavericks but Will Still Control Basketball Operations, per Report

Cuban will reportedly retain full operational control of the Mavs, despite selling his majority stake.

Mark Cuban is reportedly set to sell a majority stake in the Mavericks to Miriam Adelson and the Adelson family, according to Shams Charania of The Athletic.

Cuban will reportedly sell a large portion of his stake at a valuation of $3.5 billion, but will maintain full control of basketball operations, per the report from Charania.

Miriam, widow to casino mogul Sheldon Adelson, sold $2 billion worth of stock in Las Vegas Sands Corp. on Tuesday in order to facilitate the purchase of a professional sports team, for which they already have a binding purchase agreement, according to Bloomberg. 

Charania’s report indicates that it’ll be Dallas’s NBA franchise that the Adelson family is set to acquire a majority stake in, though Cuban, who has been a majority owner of the Mavericks since 2000, will retain operational control in what is an unusual agreement. Charania reports that Cuban will also retain a “strong stake” in the team. 

Cuban purchased a majority stake in the Mavs in 2000 at a reported cost of $285 million.