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Edited by: TJVNews.com
In a surprising turn of events, Dallas Mavericks owner Mark Cuban is reportedly grooming Matan Adelson, the adopted son of late casino magnate Sheldon Adelson, to take the reins of the NBA team, as was reported by the New York Post. Cuban, 65, who considered Sheldon Adelson a mentor, is set to sell his majority stake in the Mavericks to the Adelson family in a deal valuing the franchise at approximately $3.5 billion. The Post report said that while Cuban will retain operational control, sources suggest that Matan Adelson, a Stanford graduate and recent basketball team owner in Israel, is being prepared to eventually lead the team.
Matan Adelson, in his 20s, is one of two boys adopted by Sheldon and Miriam Adelson, as was noted in the Post report. With a net worth exceeding $32 billion following Sheldon Adelson’s passing in 2021, the family has become a major player in various industries, including the recent acquisition of the Hapoel Jerusalem basketball team for $20 million.
Sources close to the Adelsons speculate that Matan Adelson could be running the Dallas Mavericks within the next five to seven years, potentially before he turns 30. The Post reported that Cuban, will maintain a roughly 20% stake in the team, raising questions about the motivation behind the unexpected sale. While Cuban and Matan Adelson have not commented on the matter, rumors of a potential liquidity crunch for Cuban have circulated, the Post report added.
The sale process took an unexpected turn as Cuban, initially in talks to sell a minority stake in the Mavericks, paused those discussions to pursue the larger deal with the Adelsons, according to the Post report. The nature of Cuban’s decision has sparked speculation about the motives and financial considerations driving this significant change in ownership.
Matan Adelson’s background includes an internship with the Mavericks corporate sponsorship department in 2016 and a role as an investment banking summer analyst for Goldman Sachs before graduating from Stanford in 2021, the Post report said. Described as a “very polite kid,” Matan’s leadership qualities were highlighted in his statement after acquiring the Hapoel Jerusalem team, where he expressed inspiration drawn from Kobe Bryant’s work ethic and determination.
In a fascinating twist of sports ownership, Matan Adelson’s trajectory towards leading the Dallas Mavericks is illuminated by the Adelson family’s long-standing connections in the basketball world, the report in the Post said. Growing up with a family suite at the Staples Center in Los Angeles, where they frequently watched Lakers games, the Adelsons also enjoyed a close relationship with Mavericks owner Mark Cuban, whom Matan may succeed in running the NBA team.
The bond between the Adelsons and Cuban extends beyond the basketball court. The Post report said that during the NBA’s Summer League in Las Vegas, the Mavericks would stay at Adelson’s hotels, fostering Matan’s interest in basketball. Describing a mentorship that spanned 15 to 20 years, a source close to the Adelsons revealed that Sheldon Adelson had a profound influence on Cuban, as was reported by the Post. This relationship was further evident when Cuban’s show “Shark Tank” needed a filming location during COVID, and they turned to Adelson’s Venetian for the production.
However, recent developments, including Cuban’s departure from “Shark Tank,” have fueled speculation about his financial situation. As was indicated in the Post report, Cuban’s heavy investments in the crypto space, including Ethereum-token ApeCoin, Blockto, Injective Protocol, Althea Artificial Liquid Intelligence Token, Ocean Protocol, and a stake in the now-bankrupt Voyager Digital, have raised eyebrows. According to a source close to Cuban, he has faced challenges in some of these crypto endeavors, the Post report added.
The agreement allowing Cuban to continue running the Mavericks despite selling a majority stake to the Adelsons is unconventional but not unprecedented. The Post reported that similar setups have been witnessed in sports ownership, such as with the New York Islanders, where Scott Malkin owned over 50% of the team, but Jonathan Ledecky is seen as the one actively managing the hockey club.
The discounted price paid by the Adelsons for the Mavericks, despite the team’s valuation at around $3.5 billion, may be attributed to Cuban not owning the American Airlines Center, the team’s home court, with the lease set to expire in 2031, the report in the Post said. This unique arrangement brings into focus the intricate financial and ownership dynamics in professional sports.
The recent sale of the Phoenix Suns for $4 billion and the Milwaukee Bucks for $3.5 billion showcases the skyrocketing values of NBA franchises, according to the Post report.
As Matan Adelson emerges as a potential future leader of the Dallas Mavericks, the basketball world watches with interest, curious to see how this young entrepreneur will shape the future of the NBA team under the mentorship of Mark Cuban and the legacy of the Adelson family.
