Controlling stakeholder of Las Vegas Sands Corp, Dr. Miriam Adelson, is reportedly looking to sell a $2 billion stake in the company to fund the purchase of a professional sports franchise. The sale would reduce her stake in the company by approximately 10%. While the deal has not yet been finalized, it is reported that the Adelson family is purchasing a “majority stake” in the NBA’s Dallas Mavericks.
The firm recently filed with the SEC, announcing the offering of $2.0 billion of shares of Las Vegas Sands Corp. common stock. The proceeds from the offering, combined with additional cash on hand, would fund the purchase of a majority interest in a professional sports franchise. Dr. Adelson currently controls 56.4% of the company either personally or through her trust. Her late husband, Sheldon Adelson, founded the company, and she has no formal role within the corporate side of the firm.
Dr. Adelson’s interest in purchasing a professional sports franchise marks a new focus for the family. Previously, son Matan Adelson led a group that acquired a 90% controlling interest in Israeli professional basketball team Hapoel Jerusalem. In the U.S., the Adelson family was involved in the Oakland Raiders’ move to Las Vegas six years ago.
In the past year, Las Vegas has become the center of professional sports activity, with the Raiders moving to the city and Major League Baseball validating the Oakland A’s move to a $1.5 billion stadium on the Strip. Las Vegas has also seen the arrival of the Vegas Golden Knights in the NHL, and the WNBA team owned by Mark Davis, the owner of the Raiders, winning back-to-back championships.
The NBA has also shown interest in expanding to Las Vegas, with plans underway for a new arena with 20,000 seats. The arena is being designed as part of a $10 billion resort and entertainment property, with Scott Goldstein, the son of the chairman of LVS and CEO Robert Goldstein, leasing the needed land for the development.