Billionaire investor Mark Cuban is selling a majority stake of the Dallas Mavericks to Miriam Adelson and her family — the largest shareholders in Las Vegas Sands
, a source told CNBC.
Adelson is selling $2 billion worth of company stock, or roughly 10% of her stake, according to an announcement from the company. The proceeds will be used to buy a professional sports team, the casino company said in a filing Tuesday.
“We have been advised by the Selling Stockholders that they currently intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals,” Las Vegas Sands said in the filing.
