The Adelson family, which owns the Las Vegas Sands Casino is reportedly edging closer to an acquisition of the Dallas Mavericks from majority owner Mark Cuban.
According to the Associated Press, the deal is set to be worth around $3.5bn and will also see Dr Miriam Adelson sell around a 10 per cent stake in the Sands Casino in order to fund the sporting ventures.
The deal will also likely see Cuban retain governance over the sporting operations of the franchise.
In an SEC filing, the Sands stated: “We have been advised by the selling stockholders that they currently intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals.”
Cuban has previously eyed a potential collaboration with Sands Casino, however, a lack of regulatory progress in the region hindered a potential deal between the two entities.
The introduction of gambling in Texas hit a roadblock in its most recent constitutional amendment session, failing to make it to the legislative stage with no plans to hold another regular session until 2025.
Cuban’s time with the Mavericks has been cited as transforming, with the franchise now seen as one of the most successful in the NBA. It’s a move that represents an interesting avenue for the Adeson family though, with the Mavericks only having one championship in 2011, the ceiling for the side is yet to be reached.
The Adelson Family owns a multitude of casinos across the globe, however, where the potential funding for a sports venture would come from is yet to be clarified.
