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SEC filing: Sands completes Adelson’s $2B stock sale

Updated December 7, 2023 - 7:12 pm

A $2 billion stock sale by Dr. Miriam Adelson, controlling shareholder of Las Vegas Sands Corp., to fund the purchase of a majority interest in the Dallas Mavericks basketball team, has been completed, according to a Tuesday Securities and Exchange Commission filing.

The stock sale, first announced in an SEC filing on Nov. 30, provides the funds necessary for Adelson to acquire a majority stake in the NBA team.

Multiple reports indicate the team will remain in Dallas and that current owner Mark Cuban would continue to direct basketball operations for the Mavericks.

Miriam Adelson will remain the majority shareholder of Sands.

According to the SEC filing, Sands board director Irwin Chafetz, a longtime friend of the late Sheldon Adelson, Sands’ founding chairman, is trustee for the family’s shares.

Chafetz has been a director of the company since February 2005 and is manager of The Interface Group LLC, a Massachusetts company that produced the Comdex computer exposition that thrived in the early 1990s and was staged in Las Vegas as a predecessor to CES.

Adelson’s purchase of a majority stake in the Mavericks is expected to close by the end of the year and will require approval of at least 75 percent of the NBA Board of Governors, which comprises the 30 team owners.

If that deal is approved, Adelson’s son-in-law, Sands President and Chief Operating Officer Patrick Dumont, would join the Board of Governors as the Mavericks representative.

The company has stressed that the Mavericks would be owned by the Adelson family and not Sands.

The transaction involving the Mavericks is widely viewed as a bid by Sands to convince lawmakers in Texas to take the necessary political steps to revise the state’s Constitution to permit legalized gambling in the state. Cuban has told media outlets in Texas that he desires a new arena for the Mavericks in Dallas and that it would be the centerpiece of an integrated resort with a casino there.

The Review-Journal is owned by the Adelson family, including Dr. Miriam Adelson and Patrick Dumont.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.

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