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NY Post
New York Post
29 Nov 2023


NextImg:Why did Mark Cuban sell his majority stake in the Mavericks?

What’s next for Mark Cuban after the billionaire businessman sells his majority stake in the Dallas Mavericks?

Cuban, 65, had the NBA world buzzing after The Athletic reported Tuesday he is selling majority stake of the NBA team to Miriam Adelson, whose family runs the Las Vegas Sands casino company, at a $3.5 billion valuation.

Cuban will keep shares in the NBA team — he originally purchased in 2000 for $285 million — and have full control of basketball operations as part of the reported deal.

It could be the first steps in a potential plan to build a new arena as part of a resort attraction in downtown Dallas.

“I will still run basketball ops,” said Cuban, who also confirmed that the Mavericks will not relocate to Las Vegas.

Dallas has played at American Airlines Center since 2001.

Mark Cuban attends a basketball game between the Los Angeles Clippers and the Dallas Mavericks at Crypto.com Arena on Nov. 25, 2023 in Los Angeles. Getty Images

As for Sands Corp.’s involvement? Cuban explained the company is “coming in to upgrade and hopefully build a new area, which will hopefully be a Venetian like resort here in Dallas. That’s the goal.”

Cuban said last year he wanted to build a new arena that would also be “in the middle of a resort and casino” in Dallas — if the state of Texas legalized gambling.

He also expressed interest in partnering with Las Vegas Sands.

Cuban first purchased the Mavericks in 2000 for $285 million from H. Ross Perot Jr., and became one of the most high-profile owners of a sports team and a court side staple at home games.

Dallas Mavericks owner Mark Cuban (C) reacts to a basket against the Houston Rockets in the first half during an NBA In-Season Tournament game at American Airlines Center on November 28, 2023 in Dallas, Texas.

Dallas Mavericks owner Mark Cuban (C) reacts to a basket against the Houston Rockets in the first half during an NBA In-Season Tournament game at American Airlines Center on November 28, 2023 in Dallas, Texas. Getty Images

He also sold all of his tech stocks that were at the top that same year.

The news of Cuban selling the team comes one week after he revealed that season 16 of “Shark Tank” will be his last during an appearance on the Showtime podcast, “All the Smoke,” on Nov. 21.

He has been a part of the show since its second season in 2011.

Some NBA fans are speculating that Cuban is clearing his responsibilities to focus on running for president in 2024.

Sports broadcaster Colin Cowherd recently said Cuban “could become a leading candidate with the vice president being selected by the Democratic Party.”

Cuban said his family would “disown” him if ran for president in 2024 in an email to NBC News in July after he confirmed that he engaged in past conversations with No Labels — the bipartisan group spending money to secure ballot access for a third-party presidential campaign in all 50 states. 

The businessman previously flirted with the idea of an independent run for president in 2020.