What’s happening:
Dr. Miriam Adelson, the wealthiest Israeli and a prominent Jewish philanthropist, is in the process of acquiring a majority stake in the NBA’s Dallas Mavericks from current owner Mark Cuban.
Why it matters:
This acquisition is significant as it represents a major shift in ownership for one of the NBA’s highest-profile franchises. Additionally, it could have implications for the sports and gambling industries in Texas, especially with ongoing debates about legalizing recreational gambling.
The details:
The value of the stake is estimated at $3.5 billion, with Adelson expected to leverage her expertise in the casino industry to the benefit of the team, especially if gambling becomes legal in Texas. The precise percentage of the team that Adelson will own has not been disclosed, but it will exceed 50%. Mark Cuban will maintain control over basketball operations.
Broader implications:
The sale will reduce Adelson’s majority ownership in The Sands, her primary source of wealth, as she divests $2 billion in stocks to finance the deal. The acquisition might also see the merging of Cuban’s and Adelson’s interests, potentially leading to the development of a resort casino and arena in Dallas.
Adelson’s background:
With a net worth exceeding $30 billion, Adelson is a leading donor to Jewish and pro-Israel causes. Her late husband, Sheldon Adelson, was a prominent supporter of Republican politicians, including former President Donald Trump. The Adelson Family Foundation has been especially supportive of Birthright Israel.
Mark Cuban’s stance:
Cuban, also of Jewish heritage, has been an outspoken owner on various issues, including antisemitism. He has expressed a desire to partner with Las Vegas Sands to create a unique sports and entertainment venue in the event of legalized gambling in Texas.
Impact on the Mavericks:
The Mavericks franchise, currently valued at around $4.5 billion, has been under Cuban’s passionate and public control for over two decades. With the change in ownership, the team’s management dynamics could evolve, especially with the potential introduction of casino and resort projects linked to the team.
Noteworthy:
This deal would make the Mavericks the third NBA team to be bought by a Jewish billionaire in the past year, following the acquisitions of the Phoenix Suns and the Charlotte Hornets by Mat Ishbia and Gabe Plotkin, respectively.
This story was first published on jpost.com.