Mark Cuban Sold Majority Stake In Mavericks: Is He No Longer In Control?

After the NBA board of governors approved the Dallas Mavericks’ sale of their controlling interest to the families who own the Las Vegas Sands casino company, Mark Cuban bragged about his “great partnership” just hours later. The deal allows Cuban to stay in charge of the team’s basketball operations.

Mark Cuban Sold Majority Stake In Mavericks: Is He No Longer In Control?

Less than a month after the families of Sivan and Patrick Dumont and Miriam Adelson revealed their plan to purchase the team, the deal was authorized on Wednesday. The acquisition is valued at more than $4 billion.

Although it was originally said that Cuban will continue to oversee the basketball operations, it is unclear how long that agreement will last.

Mark Cuban has been assured of continuing control over the Mavericks’ basketball operations, according to a story published on Wednesday by veteran NBA reporter Marc Stein. Yet, there is no mention of Cuban’s involvement in the selling deal that designates the Adelson and Dumont families as Dallas’ principal owners.

“Nothing’s really changed except my bank account,” Cuban said after wrapping up his 3-point shooting session on the American Airlines court about 2½ hours before Wednesday night’s game against the Cleveland Cavaliers. “I feel really good. I think it’s a great partnership. It’s what the team needed on the court and off. I’ll still be overseeing the basketball side of it, but having a partner like Patrick and Sivan and Miriam and their ability to build and to redevelop the arena and whatever comes next beyond that just puts us in a much better position to compete. That’s all. That’s what it comes down to.”

Tim MacMahon, an ESPN reporter, acknowledged Cuban’s confirmation of this allegation in a subsequent tweet.

As the Mavs’ governor, Patrick Dumont will have the “final say,” according to Mark Cuban. However, MacMahon tweeted, “Cuban insists he will handle basketball operations with [the] primary purpose of winning.

At the Adelson family-owned casino company Las Vegas Sands, Dumont serves as president and chief operations officer.

Cuban will continue to hold a 27% share of the Mavericks and act as an alternate governor for the group. He admitted that Dumont would eventually have “final say” as the team’s governor and that there is “no contractual language” in the acquisition deal outlining his control over basketball operations.

Cuban acknowledged that he could have sold the club for a lot more money, but he felt it was crucial to find investors who could boost the franchise’s income. He also mentioned that securing local television rights would be a huge obstacle to his ability to finance a competitive team.

Cuban also believes that in order for him to continue managing basketball operations, the majority ownership group must agree to grant him permission.

How much did Mark Cuban pay for the Mavericks?

“Because this is what I love to do, but I’m also a realist and I also am self-aware, right?” said Cuban, who has been actively involved in hiring choices ever since acquiring the team for $285 million in January 2000.

Why did Cuba sell Mavericks?

According to Mark Cuban, the benefits of owning an NBA team will come from real estate. The well-known billionaire claims that this is the reason he gave two families with deep connections to the hotel and gambling industries the majority of his Dallas Mavericks holdings.

 

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