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Miriam Adelson, the widow of casino magnate Sheldon Adelson, is selling $2 billion of shares in Las Vegas Sands (NYSE:LVS) so she can buy a majority stake in the Dallas Mavericks NBA team from billlionaire Mark Cuban.
Cuban,a tech billionaire known for his role on ABC’s “Shark Tank” entrepeneur show, plans to keep a stake in the NBA franchise, according to media reports on Tuesday, including Bloomberg. A deal is expected to be announced shortly.
The sale puts the Maverick’s franchise total valuation at $3.5 billion, the Athletic reported earlier on Tuesday. Cuban will retain a stake in the team and full control of basketball operations.
Cuban purchased the Mavericks from H. Ross Perot Jr. in 2000 for $285 million.
Adelson has a binding agreement to purchase a team, according to a filing earlier.
Las Vegas Sands (LVS) shares fell 4.4% in after hours trading.