Set to Offload $2 Billion Shares to Pay for Whopping NBA Purchase from Mark Cuban– Who are the Adelson Family?

In a major move, the Adelson family is set to make a grand entry in the NBA. They will acquire the majority stakes in the Dallas Mavericks from tech billionaire Mark Cuban. The move comes from Miriam Andelson, who has filed to sell $2 billion in Las Vegas Sands stock to fund the purchase of a majority interest in a sports franchise. It’s unclear when the purchase will go through and why Mark is ditching his stakes. Cuban purchased his stake in Mavericks in 2000 for $285 million from Henry Ross Perot Jr, who is a real estate developer. 

But who is the Adelson Family that marks the end of the Cuban era in Dallas? 

Miriam Adelson is a widow who holds the majority of shares

Sheldon Adelson was the founder, chairman, and chief executive officer of Las Vegas Sands Corporation, which owns the Marina Bay Sands in Singapore. After his passing in 2021, much of his wealth is now controlled by his wife, Miriam. She is in charge of funds worth around a whopping $19 billion and shares worth about $400 million. All of which makes her the fifth richest woman in the world. According to Forbes, the total wealth of the Adelson family, including her shares, is $32.3 billion. 

Adelson was born in Tel Aviv and practiced medicine in Israel before coming to the US. According to a filing, she now controls 57% of Las Vegas Sands Corp. shares. If the Mavs purchase goes through, she will join Steve Balmer as one of the richest owners of a sports franchise. This high-profile business deal has also led the Mavericks’ valuation to increase by $3.5 billion. 

The Adelson family’s other investments in basketball 

Miriam’s son Matan Andelson purchased a majority stake in the Hapoel Jerusalem basketball team earlier this year. He holds 90% of the shares in the team ownership. Matan is set to compete in the European basketball scene with a multi-year plan for the team. 

As with Mavs, Mark Cuban will continue to be a part of the franchise and he will still retain operational control to ensure stability and continuity. The deal will typically take a few weeks after the league’s board of governors approves it. 

READ MORE: “Mark, Hook a Brother Up”: $3.5 Billion Sale Triggers Charles Barkley’s Brotherly Instincts in Audacious Request

Under Cuban’s leadership, the team has won one NBA title, three division titles, and two conference championships. If all goes through, the 65-year-old is set to make $3.2 billion in valuation. This new transition is unlikely to have any effect on the roster.

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