February 21, 2024

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Billionaire Miriam Adelson Plans To Acquire A Sports Franchise

2 min read
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The billionaire Miriam Adelson is all set to acquire control of a sports franchise. This follows the $2 billion sale of shares in Las Vegas Sands. She is a significant casino shareholder.

The company’s official filing with the SEC mentions that Adelson intends to acquire a sports franchise, but no names have been disclosed so far. The stock stood at $48.56 a share and declined by 1.9% the following day, at 47.66%. In after-hours trading, it went down a further 4.7% and stood at $45.50. Approximately 10% of the total stake in the company consists of the shares being sold by Adelson.

Which franchise she is referring to is unknown to all. Las Vegas has experienced the relocation of several professional sports teams, including the Vegas Golden Knights of the NHL, the Las Vegas Raiders of the NFL, and the Las Vegas Aces of the WNBA. Regarding the Oakland Athletics, the MLB team has made the decision to relocate to Las Vegas in 2025. This is subsequently adopted by the NBA, which has comparable strategies. The Washington Nationals of MLB are contacting potential buyers.

According to Forbes, Adelson and her family members have a net worth of $32.3 billion. This places her in the 44th position on the list of the wealthiest, and she ranks fifth among the richest women globally.

Las Vegas Sands is headquartered in Nevada and operates casinos and resorts in both Las Vegas and Macau. In addition, it owns the Marina Bay Sands in Singapore. It intends to construct a new development in Long Island, New York. Sheldon Adelson founded the organization and gave Miriam a 56% share in it. He died in the year 2021.

Adelson believes in financially supporting members of the Republican Party. Her late spouse contributed more than $218 million to conservative candidate reserves in the run-up to the 2020 US elections. Her discussions with former President Donald Trump and former Republican South Carolina Governor Nikki Haley indicate that she plans to provide financial assistance to them. Her late spouse supported Trump in both 2016 and 2020.

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