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Tags: miriam adelson | sands | stock | sports | franchise | conservative | donor

Adelson Eyes Sports Franchise After $2B Sands Stock Sale

By    |   Tuesday, 28 November 2023 08:32 PM EST

Casino billionaire and Republican megadonor Miriam Adelson is selling $2 billion in Las Vegas Sands stock and signaled that she will buy a pro sports franchise with the proceeds.

The company announced Adelson's intentions in a filing.

"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," the filing said.

The filing did not specify which pro sports league Adelson is eyeing. There are already four sports teams in Las Vegas — the NFL's Raiders, the NHL's Golden Knights, the WNBA's Aces and the soon to be A's, formerly of Oakland. Major League Baseball owners unanimously approved that team's relocation to Vegas, beginning in 2028.

However, there is currently no NBA franchise in Sin City.

Adelson is the world's fifth richest woman, according to Forbes. She inherited 56% of the Sands' shares when her husband, founder Sheldon Adelson, died in 2021. The piece Adelson is selling represents roughly 10% of her stake in the company, according to CNBC.

The Adelsons gave more than $218 million to Republicans and conservative causes in the 2020 election cycle.

Miriam Adelson reportedly said last year that she was opting to stay out of the 2024 GOP primary. However, she met with GOP front-runner Donald Trump and fellow presidential candidate Nikki Haley in Las Vegas earlier this month, according to reports.

Mark Swanson

Mark Swanson, a Newsmax writer and editor, has nearly three decades of experience covering news, culture and politics.

© 2024 Newsmax. All rights reserved.


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Casino billionaire and Republican megadonor Miriam Adelson is selling $2 billion in Las Vegas Sands stock and signaled that she will buy a pro sports franchise with the proceeds.
miriam adelson, sands, stock, sports, franchise, conservative, donor, 2020 election
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2023-32-28
Tuesday, 28 November 2023 08:32 PM
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