Cuban (in white jersey) will keep a minority stake. — Reuters
DALLAS: The NBA approved Mark Cuban’s sale of a majority stake in the Dallas Mavericks to the family of Miriam Adelson, the controlling shareholder of Las Vegas Sands Corp.
The US$3.5bil deal won clearance Wednesday from the basketball league’s Board of Governors and is expected to close this week, according to a statement. Cuban will keep a minority stake.
The approval puts Adelson, the widow of casino magnate Sheldon Adelson, and Las Vegas Sands a step closer to their goal of eventually building a casino and arena complex in Dallas.
Sands has sought unsuccessfully for years to convince Texas to legalise casino gambling. The company specialises in large resorts that integrate hotels, casinos, convention space and entertainment.
“The state of Texas has always been friendly to our family, and we look forward to being able to repay that kindness,”
Adelson said in a statement. “I am excited to spend time cheering on the team and getting to meet members of its passionate fan base.” — Bloomberg
