Mark Cuban decides in a startling way regarding the Mavericks
This season’s NBA news originates in the heart of Texas.
After purchasing the Dallas Mavericks in 2000, Mark Cuban has served as both the team’s owner and governor. The Adelson family, who made their fortune in casinos, will purchase the majority of the team. Shams Charania of The Athletic reports that Cuban is selling the team for a $3.5 billion valuation, but he will still own all of the team’s shares and maintain complete control over the organisation.Making a choice with Mavericks
The deal, of course, must be approved by the majority of Cuban’s fellow owners/governors.
Cuban has managed to pull off the rare feat of having his cake and eating it too when it comes to selling a team. Nearly every other person who has sold the majority shares of a team also loses decision-making control over its future even if they retain some minority ownership. That was most recently the case for the Charlotte Hornets after Michael Jordan sold the team in June. However, Cuban doesn’t lose his control of the club, which keeps him involved in both team and league affairs. With one prominent owner having relinquished his position at some important league boards, commissioner Adam Silver may be pleased that he could still call upon Cuban, whose media and technology acumen can only benefit the league going forward.
The Adelson household has a long history with sports. Sheldon, Miriam’s late husband who passed away in 2021, was credited with providing some of the initial funding for Allegiant Stadium, earning him the title of “the driving force” behind the Raiders’ move to Las Vegas. The franchise gives the casino tycoon credit for persuading state legislators to approve a hotel tax as part of the public financing for the stadium, even though he would later back out of the agreement (for unspecified reasons).
As the NBA gets closer to the 2025 expiration of its current broadcast media rights agreements, team valuations are still rising. The new agreements, the league hopes to reach a total of about $7 billion, will contribute even more to those gains. However, nothing resets the market for a franchise quite like the previous one’s sale, and given that Cuban made over ten times his initial investment in just 23 years, the next team up for sale might fetch an unbelievable price.
Leave a Reply