subject to customary league approvals,' the company said in the SEC 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.
The family also owns Nevada's largest newspaper, the Las Vegas Review-Journal. The 78-year-old Adelson, who is a medical doctor, will retain 51.3% of company shares following the sale, according to the filing. If the entirety of the $2 billion goes toward the purchase, it would mean Adelson could be acquiring at least 57% of the NBA team - based on the $3.5 billion valuation.
