Who is Miriam Adelson, the casino billionaire who buys the Mavs from Mark Cuban?
The Dallas Mavericks have been associated with Mark Cuban, the talkative owner, for 22 years. But that relationship took an unexpected turn Tuesday with news that Cuban is set to sell a controlling stake in the franchise to casino billionaire Miriam Adelson and her family. The Athletics‘s Shams Charania reported that the Mavericks were valued at approximately $3.5 billion at the time of the sale and that Adelson would gain a majority stake in the team. Marc Stein was the report first that Adelson bought part of the club and that Cuban would retain control of its operations.
Although Cuban would continue to run the basketball operations while retaining a minority stake in the franchise — a rare occurrence — the Mavericks appear likely to be Adelson’s team soon, pending the league’s approval of the transaction, of course.
Sources: Mark Cuban is selling a majority stake in the Dallas Mavericks to Miriam Adelson and the Adelson family of casino magnates at a valuation of $3.5 billion. In one of the most unique situations in NBA history, Cuban retains equity in the team and full control of basketball operations. pic.twitter.com/9iTqZvoGX1
— Shams Charania (@ShamsCharania) November 28, 2023
Who is Adelson?
Adelson will enter the NBA as not only one of the richest owners, but also one of the richest people in the world. She was named the 35th richest person in the world by Forbes earlier this year and the fifth richest woman in the world; she has an estimated net worth of $32.3 billion. She is the largest shareholder of Las Vegas Sands Corp., a company that operates casino resorts in Singapore and Macau and reported third-quarter net income of $449 million on revenue of $2.8 billion.
Adelson, 78, was born in Tel Aviv and was a doctor in Israel before coming to New York to study at a medical institute. There she met Sheldon Adelson, who became her second husband in 1991 when they married in Jerusalem. Already a successful businessman, Sheldon Adelson became a casino magnate, known for expanding the weekday convention business in Las Vegas and developing resorts in Asia. He died in 2021.
The Adelsons were among the most prominent Republican donors for years and were high-profile supporters of Israel and Jewish causes in the United States. They were major donors to Donald Trump’s 2016 presidential campaign and she received a Presidential Medal of Freedom in 2018. Birthright Israel, a group that sponsors trips for people of Jewish descent to Israel, said the Adelsons had contributed nearly $500 million over the past 15 years. reducing funding in the past year.
Miriam took control of Las Vegas Sands Corp. after Sheldon’s death. about; Adelson and a family fund in her name own 57 percent of the company, according to a company filing with the U.S. Securities and Exchange Commission.
What else does her family own?
If the sale is completed, the Mavericks would become part of a diverse portfolio owned by Adelson. In addition to her interests in the gambling industry, she is publisher of Israel Hayom, an Israeli newspaper, and owner of the Las Vegas Review-Journal.
This summer, her son Matan bought Hapoel Jerusalem, an Israeli club that also plays in the Basketball Champions League.
And Sands hopes to develop a casino in Long Island, New York, on the site of the Nassau Veterans Memorial Coliseum.
What is the extent of her relationship with Cuban?
Adelson’s success in real estate development and the prospect of arena development, as well as the launch of casino gaming and entertainment in Dallas, were attractive factors in Cuban’s decision to sell, league sources said. The Athletics‘s Shams Charania. Cuban said last year he was working with Sands on a casino and resort in Dallas that would also be a home for the Mavericks, according to the Dallas Morning News.
An expansion of betting in Texas would require significant changes in a state that has no commercial casinos and no legalized sports betting, but instead has two Native American casinos.
“My goal, and we would partner with Las Vegas Sandis that when we build a new arena, it will be in the middle of a resort and casino,” Cuban said De Dallas Morning News last year. “That’s the mission.”
(Photo of Miriam Adelson and the late Sheldon Adelson: Victor Fraile/Corbis via Getty Images)