Mark Cuban Mulls Mavericks Sale As He Prepares To Leave Shark Tank: Is He Teasing A 2024 Presidential Election Face-Off With Trump?
Portfolio Pulse from Chris Katje
Mark Cuban is rumored to be selling majority control of the Dallas Mavericks to Miriam Adelson, majority shareholder of Las Vegas Sands (NYSE:LVS). The potential sale, valued at $3.5 billion, comes as Cuban announces his departure from 'Shark Tank' and amidst speculation of a 2024 presidential run. Cuban has previously denied intentions to run for president, but has also stated 'never say never.' The sale of Mavericks shares by Adelson is to fund the purchase of a majority interest in an unnamed professional sports team.
November 29, 2023 | 9:13 pm
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Miriam Adelson, majority shareholder of Las Vegas Sands, is reportedly purchasing majority control of the Dallas Mavericks from Mark Cuban. The sale is funded by selling $2 billion in LVS shares.
The sale of $2 billion in LVS shares by Adelson to fund the Mavericks purchase could lead to a short-term negative impact on LVS stock due to the increased supply of shares in the market. Additionally, the use of proceeds for a non-core business investment might not be viewed favorably by all investors.
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