Mark Cuban to sell the Dallas Mavericks for $3.5 billion
The Adelson family will buy the majority of the entrepreneur's shares, though he will continue to head basketball operations for the franchise.
Mark Cuban (Cordon Press)
One of the most unexpected sales in the NBA is close to being finalized. Dallas Mavericks owner Mark Cuban is selling the majority of his shares to the family of Sheldon Adelson, founder of the Las Vegas Sands Corporation casino and resort chain.
A source close to the negotiations told the Associated Press that Cuban will receive around $3.5 billion from the sale. The businessman bought the Texas franchise in 2000 for $285 million, making his profits on the purchase upwards of $3 billion.
However, Cuban will continue to be linked to the Mavericks, maintaining his role as governor of the franchise and will continue as a lead decision maker for basketball operations. After the sale is confirmed, the NBA will have to give approval for the sale to be closed.
Cuban's arrival helped the Mavericks return to the playoffs after a decade without doing so. Together with team legend Dirk Nowitzki, Cuban led the franchise to its first and only NBA title in 2011.
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