Back in November of 2023, the NBA community learned that Mark Cuban was selling most of his stake in the Dallas Mavericks.
Cuban sold the Mavericks to the Miriam Adelson family for a reported valuation of $3.5 billion. Despite selling the majority of his shares, he still runs the basketball operations in Dallas. That’s why fans still see him at just about every home game for the Mavericks.
So, why did Cuban give up his title as the majority owner of the Mavericks? He was asked that question during an interview with Shaquille O’Neal.
It turns out Cuban had two main reasons for selling the Mavericks. The main reason was that he didn’t want to force his children to eventually run the franchise.
“I sold the team for two reasons,” Cuban told Shaq. “One, my kids are 15, 18 and 21 now. It puts a lot of pressure on them as I get older to make a decision. Are they going to run the team? It’s worked out for some families and others, the kids just hate it, leave it, you know, resentful. I don’t want to put my kids in that position.
“And second, you know, I talked about being the tech guy and the media guy, having an edge when I first came in. Like I knew nobody else did. So, I always had an edge. But so what’s happening now? You saw it with Golden State, now with Boston, build all around the arena, and the arena becomes a central point for some bigger real estate development. I don’t know [expletive] about that. For me to say I’m going to put up a $1 billion, even if I had to borrow it or whatever, and bring in a partner to run that for me, that’s a big risk.”
Mark Cuban reveals the reasons why he sold the Dallas Mavericks 👀
Watch the full episode here: https://t.co/CwteoC9Iwp pic.twitter.com/faSXN9ttPw
— The Big Podcast (@bigpodwithshaq) October 12, 2024
Cuban purchased a majority stake in the Mavericks in 2000 for $285 million. Clearly, he made a lot of money off that investment.
By selling most of his shares, Cuban has more financial flexibility than ever before. He also has more time on his hands.
The Mavericks are coming off an appearance in the NBA Finals. They’ll begin their 2024-25 regular season on October 24 against the San Antonio Spurs.
If we had to guess, Cuban will probably be in attendance for the Mavericks’ season opener.
Related: Mark Cuban Claims Donald Trump Is A ‘Threat’ To United States