What was the price of Mark Cuban’s majority stake sale in the Dallas Mavericks, and what was the deal’s special clause?
The Adelson family is buying a majority stake in the Dallas Mavericks from current owner Mark Cuban. Cuban will still be involved in the team’s operations.
Mark Cuban, an American entrepreneur and investor best known for his appearance on the television show Shark Tank, is set to retain complete control over every aspect of the Dallas Mavericks basketball team. The team’s ownership is currently in the process of being transferred, and it has been estimated that the deal could be worth as much as $3.5 billion.
The transfer of ownership is expected to be approved by the National Basketball Association (NBA) in the coming weeks. Cuban, who has been the owner of the Mavericks since 2000, when he purchased a majority stake in the team for $285 million, will continue to hold a stake in the franchise and retain control over all basketball decisions.
The team’s new owner will be Miriam Adelson, the widow of Sheldon Adelson, a well-known casino magnate. She will take over ownership of the team, but Cuban will remain the driving force behind the team’s decision-making process.
This exceptional agreement demonstrates the immense passion that the previous owner of the team, Mark Cuban, has for basketball. He attends every game, interacts with the fans, and even talks to the players on the court. Basketball is his true passion.
The Mavericks secured their only championship ring under his ownership in 2011.