Mark Cuban, a multi billionaire recently announced he is selling his majority share in the Dallas Mavericks, hours after speculation coming that Cuban may be leaving shark tank soon. Cuban however will still own a stake in the team, and keep control of all basketball operations.
Cuban will be selling his majority stake to the Adelson family. The Adelson's who are worth billions, reported they are selling $2 billion of LVS stock to free up money to buy majority ownership of the Mavericks. Along with cash on hand, and the proceeds form the sale of LVS stock, they will have enough money to buy the majority stake.
Cuban will remain governor of the team, and keep control of basketball operations even though he is selling majority stake. Cuban bought the Mavericks for $285 million in 2000, and even though the finalized amount of the sale is not published the Phoenix Suns, another basketball team, were recently sold for $4 billion.
Cuban is known as one of the most exciting owners in all of the NBA, with a passion and love for the game of basketball. Cuban was also one of the most fined owners, racking up just over $4 million in fines. As well, Cuban has led the Mavericks too two finals appearances, including a finals win in 2011 over the Miami Heat.
Mark Cuban was a blessing for the Mavericks franchise and although he is selling his majority share it is comforting to know he will remain head of basketball operations. This deal and his imminent departure from Shark Tank might point towards his potential retirement in the near future. He is one of the greatest business minds in the world but I could see reason for him wanting to settle down after his long successful career.
ReplyDeleteWill be interesting to see how the relationship between the two parties develops overtime. I could see Cuban having some trouble of giving someone else control of something he is a part of, but in the end, it looks like he is on his way to retire. Also, it will be sad to see him leave the professional sport spotlight as he was one of the few owners that was always seen screaming at refs/his own team.
ReplyDeleteThe idea that Mark Cuban paid only 285 million dollars for the Mavericks and then sold them for $2 billion is absurd! Although Mark established the team and it wouldn't exist without him, I can understand why he will continue to oversee basketball operations. However, as Graham mentioned, he has had a long career and could be stepping down in several years.
ReplyDeleteJC, this is a massive sale that he made a very large amount on money on and it honestly built his fame up even more. He is a great owner and I am glad that he will still remain in the building. He did great things for that team his whole ownership and I am sure he will continue to. He made so much money on this I cannot even imagine how good it feels to sell it let alone how emotional he must be to actually sell it.
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