Mark Cuban Allegedly Selling Controlling Interest in Dallas Mavericks Following Departure from 'Shark Tank'
Mark Cuban is set to sell his majority stake in the Dallas Mavericks in a record-breaking $35 billion deal, following his recent announcement of leaving 'Shark Tank' Don't miss out on this monumental transaction!
According to sources, Mark Cuban, 65, is selling most of his ownership in the Dallas Mavericks to Miriam Adelson, the widow of the late Las Vegas Sands CEO. This news was reported by The Athletic and Stadium’s NBA insider Shams Charani on November 28th.
The report states that Cuban is looking to sell his share at a valuation of approximately $3.5 billion, but he is not completely stepping away. The deal will apparently enable him to retain shares in the team and maintain full control of basketball operations. Cuban originally bought his majority stake in the Mavericks in January 2000 for $285 million from H. Ross Perot Jr., a Texas businessman and real estate developer.
"I thought, 'Forget this, our team is terrible. I have all this money, so why not?' " Cuban remembered saying during an interview on Barstool Sports' "KFC Radio" podcast in October. "I already play basketball every day, but now I get to play with NBA players."
The news of Cuban stepping back from the Mavericks comes shortly after it was announced that he would be departing from ABC's Shark Tank after its upcoming 16th season.
Mark Cuban Omar Vega/Getty Images
"I've been here for 15 years and next year, my 16th year, will be my last," he shared on the "All the Smoke" Showtime basketball podcast. "So, I have one more year left."
Cuban expressed that "it's time" for him to depart from the boardroom. He made his debut as a guest star on the Shark Tank during season 2 in 2011, and has been a permanent panelist since season 3.
The current lineup of Shark Tank investors consists of Cuban, as well as Daymond John, Barbara Corcoran, Robert Herjavec, Kevin O’Leary, and Lori Greiner. They collectively review pitches from emerging entrepreneurs and determine whether or not to invest in their respective companies.
Cuban initially chose to be part of the show because he believed the Sharks were not meeting his standards, as he revealed exclusively to We earlier this year.
“I could come on and do a much better job,” he remembered thinking. “And so, when they had me come on first as the guest shark … I got there and I’m like, ‘OK, I’m just going to tear them up. I’m just going to raise hell.’ And then I’ve been there ever since.”
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One of his most famous investments was with Beatbox, which is a staple on some college campuses.
Beatbox Beverages started as a wine cooler and has now expanded to include a spritzer. The founders, a group of friends from Austin, initially seemed like a fun, partying bunch to the investor. He decided to invest a million dollars for a third of the company. Now, their company is valued at over $200 million.
