Mark Cuban allegedly sold his majority stake in the Dallas Mavericks for $3.5 billion.
This was reported by ESPN on Tuesday.
It is the Adelson family who is said to have acquired the franchise shares of the NBA. The latter announced in a press release that they had sold nearly $2 billion in shares of Las Vegas Sands Corp. in order to “finance the purchase of a majority stake in a professional sports team.”
According to Forbes magazine, the Adelson family has a fortune of approximately $35 billion.
Cuban bought his Mavericks shares for $285 million in 2000. The 65-year-old player, however, would retain the position of Mavs governor, as well as control of the club’s basketball operations.
The Dallas team won the NBA championship once under Cuban’s leadership in 2011.
Last December, the businessman publicly spoke about his plans to partner with the Adelson family if Texas legalized gambling.
“My goal is to partner with Las Vegas Sands and build a new amphitheater in the middle of a hotel and casino complex. That’s the mission,” Cuban said in an interview with the Dallas Morning News.
Las Vegas Sands was founded in 1988 by the late Sheldon Adelson and is a casino company located primarily in Nevada.