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The Street
The Street
Rebecca Mezistrano

Dallas Mavericks will have a new owner - What we know about Mark Cuban's $3.5 billion deal

TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Wednesday, November 29th. 

Full Video Transcript Below:

J.D. DURKIN: I’m J.D. Durkin, reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.

Investors are still digesting comments from Fed officials Tuesday which hinted that the Fed could be nearing the end of its rate hiking cycle, with hopes of a potential rate cut. Fed Governor Christopher Waller said that there is quote “no reason” to keep rates really high if inflation continues to come down.

Separately, Wall Street is mourning the loss of billionaire Charlie Munger. Munger served as the vice president and second in command to Warren Buffet at Berkshire Hathaway. He was 99 years old.

Turning to the intersection of business and sports - Dallas Mavericks owner Mark Cuban is selling a majority stake of the team to Miriam Adelson. She’s the wife of the late Sheldon Adelson, and the largest shareholder of the Las Vegas Sands.

Cuban, who purchased the Mavs for $285 million in 2000, is selling at a valuation of $3.5 billion. To acquire the team, Adelson is selling $2 billion worth of Las Vegas Sands Corp stock - which is about 10% of her entire stake.

Known more for political contributions - the family donated a record $218 million to Republican and conservative causes in 2019 and 2020, the Adelson family will now own its first sports franchise. Forbes lists Adelson as the fifth-richest woman in the world, with a net worth of more than $32 billion.

As for Cuban, the Shark Tank star will retain his role as governor of the franchise, as well as continue to control all basketball decisions. Mark Cuban has a net worth of $6.2 billion.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.

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