Mark Cuban Sells Majority Stake in Dallas Mavericks, but Retains Control as COO

Dallas Mavericks, the franchise that has been led in the offices by Mark Cuban since 2000, has been sold. At least mostly. The Pittsburgh investor, however, has reached an agreement to transfer the majority package of shares without giving up his authority figure as chief operating officer. Cuban, a business shark (hence his participation in the well-known television show Shark Tank), loses without losing. The Mavs will pass to the Adelson family because they will have the majority share of shares, but Cuban reserves a small portion and also the right to continue having control of the sports field. The deal, that Marc Stein advancedis estimated at 3.5 billion dollars.

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Cuban, an owner who is always controversial and never hidden, will continue working on the sports field. First with Nowitzki and now with Doncic, the Mavs are one of the attractions of the League and are located in a large market, in the state of Texas, so the project continues to have attractiveness and market value.

On January 4, 2000, the purchase of the Mavs was recorded, from Mark Cuban to Ross Perot, for 285 million dollars. That figure has multiplied exponentially until reaching the result achieved today: Cuban sells most of his shares for 3,500 million (he has gotten 3,215 million in return) and is not leaving. In between, with the aforementioned stars and others like Nash, Kidd, Marion, Terry or Irving, came the 2011 Ring, the only one in the history of the franchise.

Cuban, who is Jewish, has reached this novel agreement with Miriam Adelson, widow of tycoon Sheldon Adelson, and her family. Miriam is now a philanthropist for causes that support America’s connection to Hebrew culture. The majority stake of the Mavs now becomes managed by them.

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The Adelson family carries over the business success of Sheldon, who died in 2021. He was the founder of the Las Vegas Sands Corporation, a conglomerate of companies dedicated to the operation of casinos and tourist homes in said city in the state of Nevada. In Spain it gained great popularity a decade ago when it tried to expand its business in the Community of Madrid, specifically in the municipality of Alcorcón, developing a project that became known as Eurovegas (construction of casinos, in the style of those it had in the United States; it requested a change in legislation that did not occur, which led him to abandon his aspirations). In the political field he also promoted leaders like Donald Trump or Benjamin Netanyahu.

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2023-11-29 00:51:12
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