Adelson Family Set to Acquire NBA Team in Record $2 Billion Share Sale

Miriam Adelson, the widow of the late casino mogul Sheldon Adelson, is in the process of divesting $2 billion worth of stock in Las Vegas Sands Corp. in order for the family to secure a majority ownership stake in a professional sports team.

As per a recent regulatory filing, the Adelsons have already entered into a binding purchase agreement for the team and plan to use the proceeds from the stock offering, along with available cash, to complete the acquisition, pending customary league approvals.

Sources familiar with the situation have indicated that the team being pursued is an NBA franchise located in a major market, with an announcement expected in the near future. In fact, basketball writer Marc Stein has reported that the team in question is the Dallas Mavericks, currently owned by billionaire Mark Cuban.

Representatives for Sands and the Adelson family as well as Cuban and the Mavericks declined to offer further comments beyond what was disclosed in the filing.

Following the passing of her husband, Miriam Adelson has taken on a prominent role in leading the family business, with her son-in-law, Patrick Dumont, serving as president of Sands, whose holdings include casinos in Macau and Singapore.

Despite the sale of their flagship Venetian resort in Las Vegas to Apollo Global Management Inc. last year, the Adelson family remains deeply connected to the gambling hub of America, holding ownership of the Las Vegas Review-Journal and maintaining its headquarters there.

According to the most recent proxy statement, Adelson holds control over approximately 433 million shares of Sands, constituting more than 56% of the total outstanding. The shares being sold represent about 11% of those holdings, with Adelson’s net worth estimated at around $33 billion, per the Bloomberg Billionaires Index.

Story continues

In extended trading, Sands shares experienced a 3.2% decline to $46.15, with the stock being marketed at a range of $43 to $45.25 per share, reflecting a potential discount of up to 10% from Tuesday’s closing price, according to a term sheet seen by Bloomberg News. Goldman Sachs Group Inc. and Bank of America Corp. are serving as bookrunners on the sale.

—With assistance from Amy Or and Randall Williams.

(Updates with team in third paragraph.)

Most Read from Bloomberg Businessweek

©2023 Bloomberg L.P.