TECH - Billionaire Entrepreneur Mark Cuban Reportedly Plans To Hand Over Majority Ownership Of Dallas Mavericks To Adelson Family | Benzinga
Billionaire investor Mark Cuban is selling a majority share in his National Basketball Association franchise, the Dallas Mavericks, to Miriam Adelson and her family, as confirmed by CNBC sources.
What Happened: Although Cuban will maintain some stakes in the team and continue managing basketball operations, both the league and the Mavericks have chosen not to comment on this development, reported CNBC.
Adelson is offloading $2 billion worth of her stake in Las Vegas Sands Corp. (NYSE:LVS), which makes up about 10% of her shares. The casino company announced in a Tuesday filing that the proceeds from this sale would fund the acquisition of a professional sports team. Adelson and her family are the principal shareholders of Las Vegas Sands Corp.
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Adelson, recognized as the ...