Billionaire Miriam Adelson Poised to Acquire Sports Franchise
Following the $2 billion sale of shares in Las Vegas Sands, billionaire Miriam Adelson is set to take control of a sports franchise. As a significant casino shareholder, the company’s official filing with the SEC indicates Adelson’s intention to acquire a sports franchise, although no specific names have been disclosed at this time.
The stock price stood at $48.56 a share but declined by 1.9% the following day to 47.66%. In after-hours trading, it further decreased by 4.7% to $45.50. Approximately 10% of the total stake in the company consists of the shares being sold by Adelson.
It remains unknown which sports franchise Adelson is interested in acquiring, but Las Vegas has seen the relocation of several professional sports teams in recent years. Notably, the relocation of the Vegas Golden Knights of the NHL, the Las Vegas Raiders of the NFL, and the Las Vegas Aces of the WNBA. Additionally, the MLB team, the Oakland Athletics, has made the decision to relocate to Las Vegas in 2025. The NBA has similar plans, and the Washington Nationals of the MLB are also contacting potential buyers.
With a net worth of $32.3 billion, according to Forbes, Adelson is ranked 44th on the list of the wealthiest individuals and fifth among the richest women globally.
Las Vegas Sands, headquartered in Nevada, operates casinos and resorts in Las Vegas and Macau and owns the Marina Bay Sands in Singapore. The company also intends to develop a new project in Long Island, New York. Miriam Adelson inherited a 56% share in the company from her late husband, Sheldon Adelson, who founded the organization and passed away in 2021.
Known for her financial support of the Republican Party, Adelson’s late spouse contributed over $218 million to conservative candidate reserves leading to the 2020 US elections. Additionally, her discussions with former President Donald Trump and former Republican South Carolina Governor Nikki Haley indicate her plans to provide financial support to them, as her late husband did in both the 2016 and 2020 elections.