What Selling The Dallas Mavericks Means For Mark Cuban And The Future Of The Team (2024)

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Why would Cuban sell the Mavs? ›

DALLAS (AP) — Mark Cuban sees a future of NBA ownership where the advantages will be in real estate. The high-profile billionaire says that's why he sold his majority stake in the Dallas Mavericks to a pair of families with strong ties to the hotel and casino industry.

Cuban sold a majority stake of the Mavs to the Adelson and Dumont family in December. Cuban still owns a 27-percent stake in the Mavericks, and in an exclusive interview with PEOPLE, he said he's still very much involved with them. "I'm still actively involved in the basketball side,” Cuban told PEOPLE.

In keeping with his theme of getting out at the top of the market, Cuban sold a majority of his stake in the Mavericks to a group led by the Adelson family. The deal closed for $3.5 billion, which is not bad for a club that originally cost him less than 10% of that.

The NBA's Board of Governors approved the sale of the controlling interest in the organization from Mark Cuban to the families in January 2024. “The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise," the families said in a statement after the purchase.

Mark Cuban (born July 31, 1958, Pittsburgh, Pennsylvania, U.S.) is an American entrepreneur, venture capitalist, businessman and television personality who cofounded (1995) Broadcast.com, an Internet audio and video streaming service, and who was active in numerous other companies.

In 1854, a secret proposal known as the Ostend Manifesto was devised by U.S. diplomats, interested in adding a slave state to the Union. The Manifesto proposed buying Cuba from Spain for $130 million. If Spain were to reject the offer, the Manifesto implied that, in the name of Manifest Destiny, war would be necessary.

In addition to the Gulfstream G550, Cuban also owns a Boeing 757-200 that he purchased especially for the NBA team he now owns a 27% stake in — the Dallas Mavericks. The jet, purchased at $36 million, is a testament to Cuban's commitment to his team's success and comfort.

Cuban, who sold controlling interest in the Dallas Mavericks late last year to the Adelson and Dumont families, which run the Las Vegas Sands Casino Company, is still around the Mavs. He still owns $1 billion or so worth of the team. It's just that he's 65, and he and his wife have three kids, and … life.

He made it clear there were no plans for the franchise to leave Dallas. “The advantage is what can you build and where and you need to have somebody who's really, really good at that,” Cuban said before the Mavs' game against Cleveland on Wednesday night.

The latest ranking reported that the Golden State Warriors is the most valuable NBA franchise after the 2021–22 NBA season. The fastest growing NBA franchise is also the Toronto Raptors, with a 100% increase in valuation since the 2017–18 NBA season ($3.5 to $7 billion).

Where does Mark Cuban get most of his money? ›

Mark Cuban's Net Worth—The Billionaire Is Selling His Stake in the Mavericks. Billionaire Mark Cuban amassed his fortune in several ways: a savvy bet on the early internet, cryptocurrencies, and even owning a professional sports team.

In a recent post on X, Cuban revealed that 300 of the 330 employees at Broadcast.com became millionaires when the audio streaming service was sold to Yahoo for $5.7 billion in 1999. Cuban's profit-sharing practice extends beyond Broadcast.com.

Not many investors have a portfolio as prolific as Cuban's. Through his VC firm, Mark Cuban Companies, he's invested in over 400 businesses to date—but his 2000 deal for a stake in the Dallas Mavericks has been by far his most lucrative. Cuban owns 85% of the NBA team, which Forbes values at $3.3 billion.

Forbes' most recent NBA franchise valuations pegged the Mavericks as being worth $4.5bn, the seventh-most valuable team in the league. Forbes has also estimated Adelson, 78, as the fifth-richest woman in the world, controlling $32.3bn in wealth.

In December Mark Cuban, who has been credited with helping the team's dramatic improvement, sold a 73% stake in the Dallas Mavericks to Miriam Adelson and Sivan and Patrick Dumont. The Adelson and Dumont families are thought to have paid around $3.5 billion for a controlling share of the Mavericks.

On January 14, 2000, Ross Perot's group sold the Dallas Mavericks to internet entrepreneur and season ticket-holder Mark Cuban for $285 million.

5.4 billion USD (2024)

Mark Cuban / Net worth

Forbes' most recent NBA franchise valuations pegged the Mavericks as being worth $4.5bn, the seventh-most valuable team in the league.

The Mavericks sent center Richaun Holmes and draft compensation to the Wizards for Gafford, and traded forward Grant Williams, guard Seth Curry and their lightly protected 2027 first-round draft pick to the Hornets for Washington.