Cuban has sold the Mavs to Adelson-Dumont Family

[SleepingHero]

(@MavsFilmRoom)
“Luxury tax is expensive… they’ve committed to doing what it takes to win. They haven’t said to me ‘no, you can’t do this, no this is our budget.”

Cuban on the Adelson’s financial resources as it relates to Mavs’ spending @TheSteinLine

@TheSteinLine “I don’t see myself running the team when I’m 90 years old.”

Cuban says he’s also worked with Patrick Dumont for a while, and that’s why he has trust that the new ownership group will continue to respect his decision making power on basketball operations for as long as he wants.

@MavsFilmRoom)
“Patrick [Dumont] wants to win. That’s a VERY big point of his… That’s a key reason why we did the deal.”

-Mark Cuban on the Mavs sale on @971TheFreak with @TheSteinLine

Some very interesting quotes by Cuban here.

[MFFL]

More property purchased by our new owner

https://www.dallasnews.com/business/real...wn-dallas/

[DanSchwartzgan]

More property purchased by our new owner

https://www.dallasnews.com/business/real...wn-dallas/

In case you aren't a DMN subscriber...the story from another source:


The Adelson family is buying more than the Dallas Mavericks from Mark Cuban, adding to speculation about a future casino resort in Big D.  An affiliate of Las Vegas Sands, which is owned by Miriam Adelson, has purchased more than a dozen acres on Stemmons Freeway in Dallas’ Design District, the Dallas Morning News reported. Terms of the deal were not disclosed.

The property near downtown includes a building that’s being used as the Mavericks’ practice facility. Cuban had owned the site since 2016 and once considered using it for a new arena. The land is valued at just under $43 million for tax purposes, the outlet reported, citing county records.  Las Vegas Sands bought a majority stake in the NBA squad for $3.8 billion, which was recently approved by the league. Cuban still owns a 27 percent share of the Mavericks and will remain in control of basketball operations. 

Cuban decided to sell the team because it allows both parties to utilize their strengths.  
“They’re not basketball people; I’m not a real estate person. That’s why I did it,” Cuban previously told the outlet.
 
Cuban and Las Vegas Sands had also been planning to build a casino resort in Dallas, possibly including a place for the Mavericks. However, Texas legislators earlier this year shot down a proposal that would have allowed gambling casinos attached to hotel, retail and entertainment districts. The Adelsons’ long-standing political influence could spur Texas lawmakers to legalize sports betting and casino resorts, though. 

In addition to the Design District site, the Adelsons own 259 acres in Irving, including a 108-acre tract near the former Texas Stadium site. The Irving assemblage raised questions about the team potentially relocating, but a Las Vegas Sands spokesperson said the acquired land is indicative of the company’s long-standing interest in Dallas-Fort Worth and unrelated to the Mavericks. 

Cuban has also affirmed that the team will remain in Dallas.
—Quinn Donoghue 

[MFFL]

New link for the DMN article - it also has info about ANOTHER purchase. This one near the Trinity River

https://archive.is/GFSUK

[DallasMaverick]

https://www.si.com/nba/2024/01/05/mark-c...es-bonuses

He sure is cheap!

---

https://www.si.com/nba/2024/01/05/mark-c...es-bonuses

He sure is cheap!

[MarkAguirreWrathofGod]

https://www.si.com/nba/2024/01/05/mark-c...es-bonuses

He sure is cheap!

---

https://www.si.com/nba/2024/01/05/mark-c...es-bonuses

He sure is cheap!

Kudos to them for this!

[HoosierDaddyKidd]

https://www.msn.com/en-us/money/companie...d=msedgdhp&pc=U531&cvid=09db2242a7b7424a9349ffa6066bd24f&ei=12


Company backed by Cuban's Shark Tank files Chapter 7

[WillE]

Sources say that the sale agreement does stipulate that new owners Miriam Adelson and Dumont hold an option (but not the requirement) to buy out a further 20 percent of Mark Cuban’s 27-percent share within the first four years of the partnership if they choose. Forbes first reported the existence of that option.


https://hoopshype.com/rumor/2825800/

[SleepingHero]

Sources say that the sale agreement does stipulate that new owners Miriam Adelson and Dumont hold an option (but not the requirement) to buy out a further 20 percent of Mark Cuban’s 27-percent share within the first four years of the partnership if they choose. Forbes first reported the existence of that option.


https://hoopshype.com/rumor/2825800/

I wonder if that 20% will be valued differently at a later date?

[MarkAguirreWrathofGod]

I wonder if that 20% will be valued differently at a later date?

You mean after we win the 2024 NBA Championship?

---

Sources say that the sale agreement does stipulate that new owners Miriam Adelson and Dumont hold an option (but not the requirement) to buy out a further 20 percent of Mark Cuban’s 27-percent share within the first four years of the partnership if they choose. Forbes first reported the existence of that option.


https://hoopshype.com/rumor/2825800/

Interesting wrinkle. That would certainly seem like a planned phasing out of Mark, to my untutored eyes at least.

[WillE]

Interesting wrinkle. That would certainly seem like a planned phasing out of Mark, to my untutored eyes at least.

Obviously.

Of course, it depends on the exact details, and it could also be that we have no knowledge of additional options etc., but it looks as if Marc Cuban will soon no longer have any operational responsibility and influence.

And although an "earn out" is nothing suprising after acquisitions, this is not what was communicated initially...

[WillE]

I wonder if that 20% will be valued differently at a later date?

I cannot imagine Cuban accepting anything else.
He will have continued to bet on "himself" resp. the Mavs and their steadily increasing value. They may just have already defined the evaluation criteria and methods, but I assume that the whole point of this option is to create an incentive for Cuban to hand over the business smoothly and continue to steer its development in the right direction.

[WillE]

Obviously.

Of course, it depends on the exact details, and it could also be that we have no knowledge of additional options etc., but it looks as if Marc Cuban will soon no longer have any operational responsibility and influence.

And although an "earn out" is nothing suprising after acquisitions, this is not what was communicated initially...

Guys: the departure of the defining person of the Mavs last quarter century is reported and ya'll not noticing?!

Seriously?!

[MarkAguirreWrathofGod]

Well, he hasn’t “departed” yet. The 4 year window leads me to think that Mark wants to be around and involved for the bulk of this Luka/Kyrie championship window. It may be a few years before they buy out the rest of my shares would be my guess. A gentleman’s agreement, if you will. I could be way off though.

[fifteenth]

Ownership change can be scarry, for sure. Bad ownership can destroy a franchise. It can doom them to being perpetually awful, or perpetually mediocre (see Dallas Cowboys).

It can also be good at times (see Dallas Mavericks, Texas Rangers).