Owner Mark Cuban‘s calling it quits with the Dallas Mavericks… well, sorta.
The billionaire businessman is selling off his majority stake in the Texas-based NBA team, according to The Athletic’s NBA Insider Shams Charania.
However, he’s expected to remain the controlling shareholder, and with his minority stake, he still presides over all basketball operations, so don’t expect him to miss seeing him courtside at all the Mavs’ American Airlines Center home games.
Cuban’s always been a smart business man and selling off some of the team is a huge payday for him. He first bought the team in 2000 for $285 million, and according to Forbes, as the seventh most valuable franchise in the league, the Mavericks are worth $4.5 billion. That means Cuban’s about to add a few more B’s to his already hefty reported $6.2 billion net worth.
The sale seems to be a bigger play, especially since it’s being sold to the Adelson family, headed by Miriam Adelson, who’s the largest shareholder of resort and casino company Las Vegas Sands.
Just last year, Cuban said that he wanted to build the Mavericks a new home at the center of a casino.
“My goal, and we’d partner with Las Vegas Sands, is when we build a new arena, it’ll be in the middle of a resort and casino,” Cuban told The Dallas Morning News. “That’s the mission.”
Cuban’s making another business move too, as he recently announced on Matt Barnes and Stephen Jackson’s Showtime podcast All the Smoke, that next season will be his last hosting ABC’s Shark Tank.
“This is our 15th year, and next year, our 16th year, is gonna be my last year. So I got one more year to go,” he said. “I love it because it sends the message the American dream is alive and well.”
He went on to explain the impact he and the show’s other hosts have had on entrepreneur culture and hopes future generations feel that influence too.
“I feel like in doing Shark Tank all these years, we’ve trained multiple generations of entrepreneurs that if somebody can come from Iowa or Sacramento or wherever, and show up on the carpet of Shark Tank and show their business and get a deal, it’s going to inspire generations of kids,” he continued. “That’s what happens, right? Now we’ve got people coming on saying I watched you when I was 10 years old. I’m like, f—. But we’re helping them right? I’ve invested in, I don’t know how many hundreds of companies.”
Social media has their own ideas as to why Cuban is selling the majority stake in the Mavericks and leaving Shark Tank. See the theories below.
Mark Cuban Selling Majority Stake Of Dallas Mavericks Leads To Speculation He’s Running For President was originally published on cassiuslife.com