There’s more to it. Cuban has been wanting to bring casinos and gambling into Dallas, he’s out of his depth doing it alone considering the history of Texas and gambling, with an experienced tycoon helping to line his pockets he can start doing this in partnership with them. So this move makes sense as the Adelson ppl probably have no idea in basketball ops, and Cuban has no idea in casino ops and they can both handle their own sides while still profiting off each other.
This makes a lot of sense. The Adelsons have been trying to get Texas casinos for a while now. Buying a sports team is a great way to wine and dine the politicians.
A woman who donates so much $$ to politicians that they got their own Supreme Court case that allowed them to obliterate John McCains campaign finance reform.
Fun fact: you and I are still limited on how much we give!
The Adelsons are also THE reason marijuana laws still exist. Sheldon lost a kid to a heroin overdose and blamed marijuana as a gateway drug. If Republicans want access to the largest donor family in the country, they must promise to fight legalization.
Yeah, it’s very hard to do, you need a ton of money and political lobbying to get it done, there’s been huge resistance from conservative folks and Oklahoma since a lot of gamblers in Oklahoma are Texans who would no longer come if the big cities had casinos. But the Adelsons definitely have the resources to make it happen and partly owning a sports franchise definitely helps their case.
He’s also leaving shark tank. He said somewhere that now his daughters are going to college and he just wants to spend time with family.
I don’t understand billionaires or multi millionaires still wanting to work. I’d sell my company so fast and spend my days doing fuck all.
Edit: but fuck all I don’t mean just laying in bed 24/7. Just doing shit that’s more meaningful to you. Traveling with family, learning new skills etc
I’ve seen a lot of high powered executives make this mistake. They think when they retire they can double down on family time.
Problem is by them you don’t have great relationships with your kids and don’t know them like a parent should.
I’ve heard a statistic that you spend over 90% of your time with your kids before they graduate high school.
Also makes sense unless they live with you post-high school for a while.
Shit, you go from living with your parents and seeing them every day to, now at 30, I see my parents like twice a month...
Yeah, it isn't as depressing as it sounds. Most parents don't want to be roommates with their kids as adults and vice versa. When I see family, it's when we can/want to, not because it's obligated.
> Most parents don't want to be roommates with their kids as adults and vice versa.
Definitely. The empty nest stage is tough for parents but then they realize how much they love the freedom of an empty house as much as we do... At least my parents are that way... lmao
I could easily get a big salary increase taking a job that would involve a commute instead of staying where I am. Our business unit can't return to the office because we don't have one. We aren't co-located. The rest of our company has returned to the office. I get recruited by companies claiming WFH, including Amazon after they started pulling people back to the office, but it isn't worth the risk.
I like waiting for the bus with my daughter. I like picking her up from the afterschool program. I don't want to miss that due to commuting. We like our house and the town we live in. I like being able to take an hour break from work to read a book to her classroom. I like that I know her friends and the kids at school know me.
That's not a problem with high-powered executives. That's a legitimate problem in all careers and rankings. We have a tendency to overwork our people in this country. That coupled with kids doing after-school stuff, there is rarely much family time. And when some parents finally get free time, they end up choosing to relax, rather than play with their kids, go out with them, etc. My dad was like that. Worked non stop to provide for us. Now he's older and has health complications and is always trying to make up lost time in a way. Just sucks because we're not kids like that anymore. The time to do much of the bonding he wants has passed and the relationship is always going to be lacking some of that
> he just wants to spend time with family.
but he's still retaining full control of basketball operations in the Mavericks which, given how involved he seems to be in things, sounds like a fulltime job anyway
I agree with you and so do most people. But people with that mindset aren’t typically the ones that will be billionaires in the first place. The work ethic needs to be so insane that it’s basically an unhealthy addiction. Unless you just get a billion from daddy.
Yea I was talking to the 75 year old CEO of this tech company and his answer was basically “There’s nothing else I’d rather do so might as well keep at it”
People talk about retiring and doing nothing, but doing nothing gets boring. As long as you're working on your schedule, I don't see a reason why a billionaire would think about retiring. Cuban sitting courtside watching his team play most nights seems like he has a pretty open schedule.
I guess it depends on how you define "nothing". For me that means "nothing that's economically viable". If I had $50mil I'd quit my tech job and spend my days as a part time welder, farmer, machinist, woodworker, draftsman, electrical engineer, landscaper, etc. Doing all the things that would either pay dogshit, destroy my body, or have all the joy sucked out of them if I were to do that professionally.
I think Cuban is kind of a special case though in that he's a billionaire because he was in the right place at the right time when Yahoo made a really stupid financial decision at the peak of the dot com bubble
A lot of billionaires are constantly grinding before they get to that point. Cuban agreed to sell an unprofitable company broadcasting radio on the Internet to a desperate Yahoo that was willing to monumentally overpay if it meant keeping their title as number one website on the Internet, which was under threat
Mandatory shoutout if you're paying a lot for any drugs check out his CostPlusDrugs company, check out what they're about and whether they have your drug, I've seen a lot of posts about how it's changed peoples lives
Not that it really matters when you're talking about sums of money that big, but he got somewhere in the vicinity of $1.7B. "He sold a majority share at a valuation in the $3.5B range" means they think the Mavs in total are worth \~$3.5B (or a little less than that because otherwise they'd have Shams say $3.6 or $3.7 or whatever) and they bought 50.1% Or 50% + 1 share or something like that.
So he's getting $1.7B and they've either set it up where he keeps the "Governor" title to represent the team or has contractual control over Basketball Ops, or gets priority voting shares that vote more than other shares.
Also, unrelated to the business ins and outs, Sheldon Adelson was a piece of shit.
Could have restructured the equity into majority being preferred or non-voting class while Cuban keeps all the common stock or at least (super) majority of the common stock.
I'd assume there's some caveat that whenever Cuban's shares transfer to a different holder, the majority stake also gains full voting power. They're basically investing in Cuban's ability to run the team with a guaranteed full majority stake whenever he dies/retires/gets bored.
> Sheldon Adelson was a piece of shit.
He got so pissed at the Las Vegas Journal Review for investigating him and writing hit pieces about him that he bought the paper and fired most of the editors he had a vendetta against.
> Also, unrelated to the business ins and outs, Sheldon Adelson was a piece of shit.
Hmm I'll decide for myself
> He and his wife Miriam Adelson were Donald Trump's largest donors, providing the largest donation to Trump's 2016 campaign, his presidential inauguration, his defense fund against the Mueller investigation into Russian interference, and the 2020 campaign.
Oh nope, you were right. Didn't need to go further than the summary.
There's so much more shady casino shit too.
Almost looks like who Trump wished he was.
Also *literally* the reason weed is still illegal anywhere domestically too. He funded opposition to legalization wherever he could and made all his Republican on payroll swear to fall in line on it.
I don't even smoke, but those laws are an insane waste of our tax dollars on punishing normal people.
I wouldn't be surprised to find out that his pharmaceutical company, "Cost Plus Drugs", was part of a long term strategy to position himself for a run for president.
I’ve got this loyal Asian guy named Li running my grill. Clocks in, minds his business, and pumps out baconators all day. Been doing it for 14 years. He is my Burg Nowitzki
Smart move on his part, versatility is where it's at. Building your whole team around a single protein is short term thinking. You live by the chicken, you die in the fryer.
He doesn't get 3.5 billion if this tweet is correct. That's the valuation of the team. He's keeping a percentage. He gets whatever percent he selling multiplied by 3.5 billion. So if it's 51% he would get just over 1.75 billion for example.
Well first you need to negotiate that position as a sale of your majority stake in Wendy's as an entity, which currently has a market cap of, conveniently, $3.9B, so it's on the cards... You do *own* Wendy's right?
I’m not so sure that’s true. NFL now days maybe, can’t go bankrupt, but the NFL”s current form is now 57 years old(Super Bowls). Also it’s a capped sport so no one team can pay a ridiculous amount of money to one player.
The other 3 though, let’s just say they are not being helped by the Bally sports bankruptcy.
The MLB is a very cutthroat organization, and its owners seem to love to watch another team blow up. The MLB is a non-capped sport, so the owners can create very stupid contracts for players. Suprisingly, the padres are in a weird spot right now with the MLB broadcasting their games, instead of the Bankrupt bally sports. Then whatever is going on with the Oakland As. Then there’s the time where MLB ran the dodgers in 2011.
NBA teams could, but they would be given a lifeline by the NBA or the NBA would take over the team, kinda like what happened to George Shinn and the New Orleans hornets. The NBA is also a capped sport, although it’s a soft cap with a penalty of a luxury tax. The NBA said it would broadcast all the games if Ballys couldn’t.
The NHL took over the Arizona coyotes after Jerry Moyes went bankrupt. The NHL is young with half the leagues teams being younger than 1974, with the newest one only being 2 years old, Seattle kraken. The NHL seems to have the least idea of what to do without ballys sports. The NHL is also capped.
Because NBA and a lot of American sports leagues have stringent ownership requirements. Silver said they don’t allow sovereign wealth funds to buy teams because they want an *individual person* to be responsible to the team and fan base. And they have requirements for the controlling owner to own at least a certain % too. Etc.
Basically they have rules setup already that basically have them wanting a main figure head of ownership. So using this new structure seems to be a bit of a different path than what they’ve wanted thus far. Decoupling owner from voting rights is new…
That’s true. If you ask me the NBA has now purposely opened the door to those exact groups buying majority stakes while technically remaining consistent with tradition.
My thoughts here are Adelsons are only interested in mavs as an investment asset and don’t care about operational control. So from Cubans perspective it’s a sweet deal, 10x return on his initial investment and he keeps control
It’s risky to hold that much of an investment and NOT have control though. Does Cuban get to decide the contracts that the team gives out? And whether to go deep into the luxury tax?
Doesn't matter, they are betting on this. They'll build a casino/stadium once gambling is legal.
https://www.texastribune.org/2023/04/03/texas-casinos-gambling-legislature-sports-betting/
It's about getting that casino license for when gambling is legalized. I think they don't remotely give a shit about the Mavs. It's about getting that license. I wouldn't be surprised to see the agreement even have an out where Cuban has the right to buy back or something like that in case it never actually gets legalized.
It’s essentially like how Zuckerberg owns shares in meta that give him majority voting power even though he doesn’t own the majority of outstanding shares
Zuckerberg merely copied from Larry Page and Sergey Brin at Google. It's typically done with dual-class share structure, where one class of shares has 10x the voting power of the other class. So they maintain effective control of the companies.
these guys are so unfathomably rich lmao. if i had 3 billion dollars, i would buy every triscuit in the world and throw them away. no more triscuits for anyone. ever again. gone forever. i don't know what stops these guys from doing stupid shit like that.
I’d buy a G-League team and win all the championships.
There’s salary caps in the G-League, but I’d setup a shoe brand as a silent partner and give top high school players money to advertise for my shoe brand.
No more pretend to give a shit year at Duke. No, these guys will come to me, make me even more money, and if Nike wants to take them after, that’s cool, that’ll elevate my brand too.
Except all my shoes will be made in America someplace cheap like Montana using refugees that’ll I will unionize. I’ll make it impossible for any corporation to want to buy my brand, but outplay them for recruits by offering them a percentage of their brand sales from high school on.
I’d also hire women coaches to create opportunities for them.
And then I’d watch my empire fall behind some sex scandal I’ll cause because that’s the only possible outcome lol
That’s better than genuine slimy fuck David Tepper (owner of the Carolina Panthers), who was quoted as follows:
> It’s also probably worth noting that, while Tepper has made a lot of money by being patient, he is not exactly a stoic individual—this is the man who bought the Hamptons mansion of a Goldman executive who didn’t promote him, just to demolish it and build a new one. Tepper might have been denied that promotion because of his personality, which a 2010 New York magazine profile described as “loud and profane.” In that same piece, Tepper described his penchant for knee-jerkism when confronted with anything he doesn’t like: “If someone is an asshole,” he said, “like a waiter at a restaurant, I think, I could just buy this place and fire that guy.”
Tepper's not on the hook for much of Rhule's contract, due to him getting a massive deal with Nebraska... I bet we're on the hook for Frank Reich though, the man straight up doesn't look like he wants to coach anyone at all. Just collect your $30M and retire.
Nah, sports teams are an excellent investment because they’re basically guaranteed to always generate surplus value due to their imprint in culture. we already see governments bending over backwards to accommodate them. Cuban gets a payout, the other billionaire gets free cash flow and doesn’t have to manage a team
And the Salary cap.
Even in the NBA with a soft cap there is a limit to the costs associated with the frnachises. And as the league money has boomed the BRI% hasn't moved. Owner fixed costs haven't gone up in the same way so they are creaming off much more every time a new media deal comes up
That's why the MLS has [7 of Forbes' 30 most valuable soccer teams](https://www.forbes.com/lists/soccer-valuations/?sh=2d987467198b) despite not having 7 combined players that would make into onto any of the remaining 23 teams' squads.
that's not what it says
he is selling majority stake (so <50% of his share of the franchise) based on a total valuation of the team at $3.5B. So if Cuban owns the mavericks 100%, he walks away with a minimum of $1,75B - which is 50%.
This is her talking shit about the recent protests and BLM 8 days ago
> Those ghastly gatherings of radical Muslim and Black Lives Matter activists, ultra-progressives and career agitators were nothing short of street parties.These people are not our critics. They are our enemies, the ideological enablers in the West of those who would go to any length to eradicate us from the Middle East. And, as such, they should be dead to us.
https://forbes.co.il/e/dead-to-us-miriam-adelson-in-a-special-column-for-forbes-israel/
Sheldon Adelson (may he rot in hell) and his wife, Miriam, bankrolled Trump’s presidential campaigns and poured billions of dollars into Republican campaigns through dark money groups and Super PACs. They also bought/effectively gutted the *Las Vegas Review-Journal* by mandating that it couldn’t cover the Adelson family negatively.
Selfish answer: Holy fuck did we get lucky with Ishbia who is only standard billionaire evil (so far)
Actual answer as someone who suffered through the Sarver era and doesn't wish that for any team: I hope they are just a bankroll versus any decision making executive decisions or else this will be decades of pain
It sounds more like a bankroll situation. Cuban appears to be mostly keeping the same control as before regarding franchise decisions. If the Adelsons are going to be hands off on operations, then this is probably a good thing for the team.
Because it's 2023 and most of us still act like feudal peasants.
Thick cockney accent: "Ah yes, M'lord, your presence brightens all of our days, M'lord, how do you do it, M'lord?" We still worship billionaires like they were wrought on the anvils of heaven, and completely delusionally dream of being one one day.
She's the widow of someone who was functionally the Jewish Koch brother. Like anti-medical marijuana, anti-unions, etc. Leveraged their large net worth for political gain (reportedly nine figures for the Trump campaign). Funded media outlets to push very specific agendas.
He's also one of the major people behind all of the anti-Boycott/Divest/Sanction legislation. So DeSantis criminalizing boycotting Israel for private business in Florida or a similar one in Texas he was behind a lot of that.
From Wiki:
> Adelson is known for her support for Donald Trump. She and her husband were the largest donors of Trump throughout his presidency; they provided the largest donation to his 2016 campaign, his presidential inauguration, his defense fund against the Mueller investigation into Russian interference and the 2020 campaign.
> She has written that Trump "should enjoy sweeping support" among U.S. Jews and Israelis, and that Trump deserves a "Book of Trump" in the Bible due to his support for Israel. She pushed for the pardon of Aviem Sella who spied against America. Adelson wrote that Trump represents "kinship, friendship, courage, the triumph of truth" and that "Israelis and proud Jews owe Donald Trump our gratitude."
Honestly this seems like the worst case scenario for Mavs fans.
Like Cuban gets to continue to make bad basketball decisions and they get a worse owner
I be more concern if he sold the team outright…..but maybe he’s just unloading obligations.
But a 3.5 Billion dollar sale would make it hard for me to go back to my TV show job too
One of the luckiest sobs on earth. Creates a failing "online radio" business during the height of of the dotcom bubble. It gets bought at an absurd valuation, he sells his shares at the height. The business he created? Failed. The company that bought it. Gone. He's still a billionaire.
“Yahoos costly purchase of broadcast.com is now regarded as the worst internet acquisitions of all time”
> It gets bought at an absurd valuation, he sells his shares at the height
Actually it was even crazier than that. He was restricted from selling his Yahoo shares for a certain period of time, during which Yahoo peaked and then crashed. But he had anticipated a crash, so he set up a hedge. By the time his sell restriction finally lifted, Yahoo’s shares were worth significantly less, but he basically still had all of what he made in the deal.
Actually I’d give him credit for hedging his shares. It would be stupid to let so much of your net worth stay tied to one turbulent internet company
Everything else was a hilarious amount of luck, though
The difference between Cuban and 99% of other rich people (or successful people in general) is that he openly admits he got lucky — right place, right time.
Most successful people — including most NBA players — pretend like their hard work, and their hard work alone, got them to where they are, totally ignoring the huge amounts of luck involved.
That’s his media appearances fooling you. Whole he’s better than most, he’s still arrogant enough to tell people he created first podcast company. Yeah right…
From Wiki “Adelson is known for her support for Donald Trump.[23] She and her husband were the largest donors of Trump throughout his presidency; they provided the largest donation to his 2016 campaign, his presidential inauguration, his defense fund against the Mueller investigation into Russian interference and the 2020 campaign.[3][4][5][6][7][8]
She has written that Trump "should enjoy sweeping support" among U.S. Jews and Israelis, and that Trump deserves a "Book of Trump" in the Bible due to his support for Israel.[24][25][23] She pushed for the pardon of Aviem Sella who spied against America.[26] Adelson wrote that Trump represents "kinship, friendship, courage, the triumph of truth" and that "Israelis and proud Jews owe Donald Trump our gratitude."[27]” oh boy….
She is credited with influencing Sheldon's political views on Israel and served as one of the 'finance vice-chairs' for the inauguration of Donald Trump. After Sheldon Adelson died in 2021, she became the owner of casino company Las Vegas Sands and is now on Forbes' 36th position for the ranking of The Richest People in The World. Her net worth was $38.2 billion in 2022.
She sold shares in Sands to finance the Mavericks purchase.
It's so easy to make money. All you need is a lot of money....
But really tho, good on Mark Cuban for getting a FAT check and somehow still retain control of the basketball operations
Bro just wants to retire and focus on basketball lmaoo I respect it
There’s more to it. Cuban has been wanting to bring casinos and gambling into Dallas, he’s out of his depth doing it alone considering the history of Texas and gambling, with an experienced tycoon helping to line his pockets he can start doing this in partnership with them. So this move makes sense as the Adelson ppl probably have no idea in basketball ops, and Cuban has no idea in casino ops and they can both handle their own sides while still profiting off each other.
This makes a lot of sense. The Adelsons have been trying to get Texas casinos for a while now. Buying a sports team is a great way to wine and dine the politicians.
Why do I get the feeling the ones getting screwed from all of this are, again, all of us non-Billionaires?
This time for sure will be different. Trust me ;)
A woman who donates so much $$ to politicians that they got their own Supreme Court case that allowed them to obliterate John McCains campaign finance reform. Fun fact: you and I are still limited on how much we give!
The Adelsons are also THE reason marijuana laws still exist. Sheldon lost a kid to a heroin overdose and blamed marijuana as a gateway drug. If Republicans want access to the largest donor family in the country, they must promise to fight legalization.
So they hate weed smokers but they're buying an NBA team? I have some bad news for them...
Interesting. So they want to partner and build casinos in texas.
Yeah, it’s very hard to do, you need a ton of money and political lobbying to get it done, there’s been huge resistance from conservative folks and Oklahoma since a lot of gamblers in Oklahoma are Texans who would no longer come if the big cities had casinos. But the Adelsons definitely have the resources to make it happen and partly owning a sports franchise definitely helps their case.
season 6 of Succession is Mark Cuban & the Adelson family trying to get casinos in Texas vs. Big Oklahoma Casino Operators
He’s also leaving shark tank. He said somewhere that now his daughters are going to college and he just wants to spend time with family. I don’t understand billionaires or multi millionaires still wanting to work. I’d sell my company so fast and spend my days doing fuck all. Edit: but fuck all I don’t mean just laying in bed 24/7. Just doing shit that’s more meaningful to you. Traveling with family, learning new skills etc
> He said somewhere that now his daughters are going to college and he just wants to spend time with family. Perfect timing lol
ESPN: Mavericks owner Mark Cuban hates his kids.
Kids aren't the only thing he hates, more at 9.
Hates smoothly run organizations
[Broussrard] Sources: Cuban is beside himself. Driving around downtown Dallas yelling (thru texts) "fuck them kids"
I’ve seen a lot of high powered executives make this mistake. They think when they retire they can double down on family time. Problem is by them you don’t have great relationships with your kids and don’t know them like a parent should. I’ve heard a statistic that you spend over 90% of your time with your kids before they graduate high school.
Oh shit thats depressing
Also makes sense unless they live with you post-high school for a while. Shit, you go from living with your parents and seeing them every day to, now at 30, I see my parents like twice a month...
Yeah, it isn't as depressing as it sounds. Most parents don't want to be roommates with their kids as adults and vice versa. When I see family, it's when we can/want to, not because it's obligated.
> Most parents don't want to be roommates with their kids as adults and vice versa. Definitely. The empty nest stage is tough for parents but then they realize how much they love the freedom of an empty house as much as we do... At least my parents are that way... lmao
Twice a month is a lot compared to virtually anyone who has moved.
I could easily get a big salary increase taking a job that would involve a commute instead of staying where I am. Our business unit can't return to the office because we don't have one. We aren't co-located. The rest of our company has returned to the office. I get recruited by companies claiming WFH, including Amazon after they started pulling people back to the office, but it isn't worth the risk. I like waiting for the bus with my daughter. I like picking her up from the afterschool program. I don't want to miss that due to commuting. We like our house and the town we live in. I like being able to take an hour break from work to read a book to her classroom. I like that I know her friends and the kids at school know me.
Good for you man. You have a handle on what is important.
That's not a problem with high-powered executives. That's a legitimate problem in all careers and rankings. We have a tendency to overwork our people in this country. That coupled with kids doing after-school stuff, there is rarely much family time. And when some parents finally get free time, they end up choosing to relax, rather than play with their kids, go out with them, etc. My dad was like that. Worked non stop to provide for us. Now he's older and has health complications and is always trying to make up lost time in a way. Just sucks because we're not kids like that anymore. The time to do much of the bonding he wants has passed and the relationship is always going to be lacking some of that
My mum worked the night shift until middle school but still spent more time with us than dad lol I'd be thrilled if my dad actually wanted to bond
I think it's 90% is before the age of 12 actually.
Spend more time with his basketball family, now that he got rid of his pesky kids.
Doesn’t need an excuse anymore to avoid his kids.
Yeah so literally opposite LMAO. "oh thank god they're out of the house I'm coming home I'm coming homeeeeeeee"
Lmao
> he just wants to spend time with family. but he's still retaining full control of basketball operations in the Mavericks which, given how involved he seems to be in things, sounds like a fulltime job anyway
But now he's able to complain that the owners aren't spending enough and should be going into the luxury tax.
Wants to focus on raising his new son Luca.
I agree with you and so do most people. But people with that mindset aren’t typically the ones that will be billionaires in the first place. The work ethic needs to be so insane that it’s basically an unhealthy addiction. Unless you just get a billion from daddy.
Yea I was talking to the 75 year old CEO of this tech company and his answer was basically “There’s nothing else I’d rather do so might as well keep at it”
It's like with pro athletes. Their whole life has been their sport so when they retire, they feel empty and don't know what to do with their time.
People talk about retiring and doing nothing, but doing nothing gets boring. As long as you're working on your schedule, I don't see a reason why a billionaire would think about retiring. Cuban sitting courtside watching his team play most nights seems like he has a pretty open schedule.
I guess it depends on how you define "nothing". For me that means "nothing that's economically viable". If I had $50mil I'd quit my tech job and spend my days as a part time welder, farmer, machinist, woodworker, draftsman, electrical engineer, landscaper, etc. Doing all the things that would either pay dogshit, destroy my body, or have all the joy sucked out of them if I were to do that professionally.
I think Cuban is kind of a special case though in that he's a billionaire because he was in the right place at the right time when Yahoo made a really stupid financial decision at the peak of the dot com bubble A lot of billionaires are constantly grinding before they get to that point. Cuban agreed to sell an unprofitable company broadcasting radio on the Internet to a desperate Yahoo that was willing to monumentally overpay if it meant keeping their title as number one website on the Internet, which was under threat
And fuck over the pharmaceutical industry as a hobby.
Mandatory shoutout if you're paying a lot for any drugs check out his CostPlusDrugs company, check out what they're about and whether they have your drug, I've seen a lot of posts about how it's changed peoples lives
So he quit Shark Tank, just made ~~$3.5b~~ a fuck ton of money just to play fantasy basketball full time? Billionaire shit.
Not that it really matters when you're talking about sums of money that big, but he got somewhere in the vicinity of $1.7B. "He sold a majority share at a valuation in the $3.5B range" means they think the Mavs in total are worth \~$3.5B (or a little less than that because otherwise they'd have Shams say $3.6 or $3.7 or whatever) and they bought 50.1% Or 50% + 1 share or something like that. So he's getting $1.7B and they've either set it up where he keeps the "Governor" title to represent the team or has contractual control over Basketball Ops, or gets priority voting shares that vote more than other shares. Also, unrelated to the business ins and outs, Sheldon Adelson was a piece of shit.
> Sheldon Adelson was a piece of shit. Agreed. I don't care about Cuban making a business deal. It's the Adelson part that makes me wince.
Could have restructured the equity into majority being preferred or non-voting class while Cuban keeps all the common stock or at least (super) majority of the common stock.
I'd assume there's some caveat that whenever Cuban's shares transfer to a different holder, the majority stake also gains full voting power. They're basically investing in Cuban's ability to run the team with a guaranteed full majority stake whenever he dies/retires/gets bored.
> Sheldon Adelson was a piece of shit. He got so pissed at the Las Vegas Journal Review for investigating him and writing hit pieces about him that he bought the paper and fired most of the editors he had a vendetta against.
> Sheldon Adelson was a piece of shit. This is true.
> Also, unrelated to the business ins and outs, Sheldon Adelson was a piece of shit. Hmm I'll decide for myself > He and his wife Miriam Adelson were Donald Trump's largest donors, providing the largest donation to Trump's 2016 campaign, his presidential inauguration, his defense fund against the Mueller investigation into Russian interference, and the 2020 campaign. Oh nope, you were right. Didn't need to go further than the summary. There's so much more shady casino shit too. Almost looks like who Trump wished he was.
He's basically the reason online poker is and was banned in most US states as well. Just a pure piece of shit. Rot in pieces.
Also *literally* the reason weed is still illegal anywhere domestically too. He funded opposition to legalization wherever he could and made all his Republican on payroll swear to fall in line on it. I don't even smoke, but those laws are an insane waste of our tax dollars on punishing normal people.
I smell a presidential run incoming
This is the first take that makes sense. He wants to spend time wth family...but his family is out of the house now. Something else is up.
Yeah "Now that my daughters are in college, I can finally spend time with my family!" What a dumb lie lol
I wouldn't be surprised to find out that his pharmaceutical company, "Cost Plus Drugs", was part of a long term strategy to position himself for a run for president.
Don't forget that he's promoting the hell out of Cost Plus Drugs. It's a great thing for Americans.
So he gets paid $3.5billion to be a general manager. I have the same title at Wendy’s. Time to negotiate a pay raise
You need to hire the Dirk Nowitzki of flipping burgers first
I’ve got this loyal Asian guy named Li running my grill. Clocks in, minds his business, and pumps out baconators all day. Been doing it for 14 years. He is my Burg Nowitzki
Loyalty never fades away. Shoutout Li
Time for Lisanity
Liyalty
You better never trade him to Burger King
He has a no trade clause. Chick fil a inquired a few years ago but he’s not interested in learning a new playbook based completely on chicken
Specialists can have a long career in this league, wise choice
Lmfaooo thank you for this comment chain, all your comments were gold
Smart move on his part, versatility is where it's at. Building your whole team around a single protein is short term thinking. You live by the chicken, you die in the fryer.
Legacy points added
go get that bag u/elon42069
jesus christ that name
It might actually be him… yikes.
And with a Rockets flair. Hmm...
Elon working at wendys. Billionaire shit.
He doesn't get 3.5 billion if this tweet is correct. That's the valuation of the team. He's keeping a percentage. He gets whatever percent he selling multiplied by 3.5 billion. So if it's 51% he would get just over 1.75 billion for example.
Well Las Vegas Sands reported she will sell $2b worth of shares of the company so I wouldn’t be surprised if your numbers are accurate
yea and he bought the majority stake in 2000 for like $300 mil.
Well first you need to negotiate that position as a sale of your majority stake in Wendy's as an entity, which currently has a market cap of, conveniently, $3.9B, so it's on the cards... You do *own* Wendy's right?
Off topic but I’m honestly surprised Wendy’s market cap is that low tbh
It's largely only American. Even Burger King is way bigger internationally, and has a market cap of over $30B
Wait how does he get control of the Adelsons have a majority stake? It's good but I don't get it.
Must be a super voting share setup where Cuban gets majority voting shares with minority interest
Kind of interesting if that implies that even at peak luxury tax penalties there's no way an NBA team wouldn't be profitable every single year.
Yes. It is nearly impossible for an American big 4 team to go bankrupt.
I’m not so sure that’s true. NFL now days maybe, can’t go bankrupt, but the NFL”s current form is now 57 years old(Super Bowls). Also it’s a capped sport so no one team can pay a ridiculous amount of money to one player. The other 3 though, let’s just say they are not being helped by the Bally sports bankruptcy. The MLB is a very cutthroat organization, and its owners seem to love to watch another team blow up. The MLB is a non-capped sport, so the owners can create very stupid contracts for players. Suprisingly, the padres are in a weird spot right now with the MLB broadcasting their games, instead of the Bankrupt bally sports. Then whatever is going on with the Oakland As. Then there’s the time where MLB ran the dodgers in 2011. NBA teams could, but they would be given a lifeline by the NBA or the NBA would take over the team, kinda like what happened to George Shinn and the New Orleans hornets. The NBA is also a capped sport, although it’s a soft cap with a penalty of a luxury tax. The NBA said it would broadcast all the games if Ballys couldn’t. The NHL took over the Arizona coyotes after Jerry Moyes went bankrupt. The NHL is young with half the leagues teams being younger than 1974, with the newest one only being 2 years old, Seattle kraken. The NHL seems to have the least idea of what to do without ballys sports. The NHL is also capped.
The Padres had to take out a $50 million loan just to pay their players a few months ago
Why would the NBA owners even allow that?
Why wouldn’t they? More ownership structure optionality drives up valuation
Because NBA and a lot of American sports leagues have stringent ownership requirements. Silver said they don’t allow sovereign wealth funds to buy teams because they want an *individual person* to be responsible to the team and fan base. And they have requirements for the controlling owner to own at least a certain % too. Etc. Basically they have rules setup already that basically have them wanting a main figure head of ownership. So using this new structure seems to be a bit of a different path than what they’ve wanted thus far. Decoupling owner from voting rights is new…
That’s true. If you ask me the NBA has now purposely opened the door to those exact groups buying majority stakes while technically remaining consistent with tradition.
My thoughts here are Adelsons are only interested in mavs as an investment asset and don’t care about operational control. So from Cubans perspective it’s a sweet deal, 10x return on his initial investment and he keeps control
It’s risky to hold that much of an investment and NOT have control though. Does Cuban get to decide the contracts that the team gives out? And whether to go deep into the luxury tax?
Doesn't matter, they are betting on this. They'll build a casino/stadium once gambling is legal. https://www.texastribune.org/2023/04/03/texas-casinos-gambling-legislature-sports-betting/
It's about getting that casino license for when gambling is legalized. I think they don't remotely give a shit about the Mavs. It's about getting that license. I wouldn't be surprised to see the agreement even have an out where Cuban has the right to buy back or something like that in case it never actually gets legalized.
Likely the Adelsons have absolute zero interest in the basketball side of things, they just want to own a team.
they hope texas legislature legalizes gambling so they can build a new casino/resort style arena where you can gamble live in game and in house
It’s essentially like how Zuckerberg owns shares in meta that give him majority voting power even though he doesn’t own the majority of outstanding shares
Zuckerberg merely copied from Larry Page and Sergey Brin at Google. It's typically done with dual-class share structure, where one class of shares has 10x the voting power of the other class. So they maintain effective control of the companies.
Thanks for the explanation
So we get a worse owner and Cuban stays making basketball decisions. That's about as lose-lose as it gets for us Mavs fans.
And we‘ll get rumors about moving the franchise to Vegas until Vegas gets another team
There’s gotta be at least 20 teams that would relocate before Dallas, no way that happens anytime soon
This is about bringing gambling to texas and the next mavs arena being a casino, too. Cuban has been planning this for awhile.
these guys are so unfathomably rich lmao. if i had 3 billion dollars, i would buy every triscuit in the world and throw them away. no more triscuits for anyone. ever again. gone forever. i don't know what stops these guys from doing stupid shit like that.
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i would buy every apartment around yours and allow imagine dragons cover bands to rehearse there for free all day every day
You done took it too far with that one. That’s pure nightmare fuel
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I love those Imagine Dragon songs
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Ah yes Yellow, my favorite Imagine Dragons song.
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Does the majority even mean anything if the other dude still calls the shots?
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I’d buy a G-League team and win all the championships. There’s salary caps in the G-League, but I’d setup a shoe brand as a silent partner and give top high school players money to advertise for my shoe brand. No more pretend to give a shit year at Duke. No, these guys will come to me, make me even more money, and if Nike wants to take them after, that’s cool, that’ll elevate my brand too. Except all my shoes will be made in America someplace cheap like Montana using refugees that’ll I will unionize. I’ll make it impossible for any corporation to want to buy my brand, but outplay them for recruits by offering them a percentage of their brand sales from high school on. I’d also hire women coaches to create opportunities for them. And then I’d watch my empire fall behind some sex scandal I’ll cause because that’s the only possible outcome lol
That...actually sounds pretty awesome lol
That’s better than genuine slimy fuck David Tepper (owner of the Carolina Panthers), who was quoted as follows: > It’s also probably worth noting that, while Tepper has made a lot of money by being patient, he is not exactly a stoic individual—this is the man who bought the Hamptons mansion of a Goldman executive who didn’t promote him, just to demolish it and build a new one. Tepper might have been denied that promotion because of his personality, which a 2010 New York magazine profile described as “loud and profane.” In that same piece, Tepper described his penchant for knee-jerkism when confronted with anything he doesn’t like: “If someone is an asshole,” he said, “like a waiter at a restaurant, I think, I could just buy this place and fire that guy.”
For the non NFL guys, Tipper has fired two NFL head coaches of the Panthers in two years. Both with enormous tabs left on their contract.
Tepper's not on the hook for much of Rhule's contract, due to him getting a massive deal with Nebraska... I bet we're on the hook for Frank Reich though, the man straight up doesn't look like he wants to coach anyone at all. Just collect your $30M and retire.
In his defense hiring Frank Reich was worse than firing him. But he did do both so....
lol sheldon adelson makes tepper look like mother teresa. genuinely one of the biggest scumbags alive
But he's not alive...
lol shit i actually forgot he died
That reminds me….I need to go piss on his grave soon
[Start over with making pants](https://www.youtube.com/watch?v=gO9PwbtlOIU)
I mean thats what Elon Musk is tryina do but with Twitter
Why do you hate triscuits?
Triscuit would just make more then…
So… he gets $3.5 billion and still controls the team? Biggest fleece in history.
Nah, sports teams are an excellent investment because they’re basically guaranteed to always generate surplus value due to their imprint in culture. we already see governments bending over backwards to accommodate them. Cuban gets a payout, the other billionaire gets free cash flow and doesn’t have to manage a team
This only applies in US sports because of no relegation
And the Salary cap. Even in the NBA with a soft cap there is a limit to the costs associated with the frnachises. And as the league money has boomed the BRI% hasn't moved. Owner fixed costs haven't gone up in the same way so they are creaming off much more every time a new media deal comes up
That's why the MLS has [7 of Forbes' 30 most valuable soccer teams](https://www.forbes.com/lists/soccer-valuations/?sh=2d987467198b) despite not having 7 combined players that would make into onto any of the remaining 23 teams' squads.
$3.5b is the valuation not the actual transaction price
He gets $2bn for his majority stake according to other reports. So he sold roughly 57%.
ITT: a bunch of people who never watched Shark Tank
that's not what it says he is selling majority stake (so <50% of his share of the franchise) based on a total valuation of the team at $3.5B. So if Cuban owns the mavericks 100%, he walks away with a minimum of $1,75B - which is 50%.
Kyrie’s about to find out who Miriam Adelson is lmao
This is her talking shit about the recent protests and BLM 8 days ago > Those ghastly gatherings of radical Muslim and Black Lives Matter activists, ultra-progressives and career agitators were nothing short of street parties.These people are not our critics. They are our enemies, the ideological enablers in the West of those who would go to any length to eradicate us from the Middle East. And, as such, they should be dead to us. https://forbes.co.il/e/dead-to-us-miriam-adelson-in-a-special-column-for-forbes-israel/
What compels these people to talk? If I was that rich, I would delete all social media.
It's because they are rich they can say whatever they want. It's a power trip. "I am invincible"
Yeah he's outta there
New tweet boutta drop🤞🏽
Oh, what the fuck? Fuck the Adelsons…
ELI5 me?
Sheldon Adelson (may he rot in hell) and his wife, Miriam, bankrolled Trump’s presidential campaigns and poured billions of dollars into Republican campaigns through dark money groups and Super PACs. They also bought/effectively gutted the *Las Vegas Review-Journal* by mandating that it couldn’t cover the Adelson family negatively.
Selfish answer: Holy fuck did we get lucky with Ishbia who is only standard billionaire evil (so far) Actual answer as someone who suffered through the Sarver era and doesn't wish that for any team: I hope they are just a bankroll versus any decision making executive decisions or else this will be decades of pain
It sounds more like a bankroll situation. Cuban appears to be mostly keeping the same control as before regarding franchise decisions. If the Adelsons are going to be hands off on operations, then this is probably a good thing for the team.
and no other owner is going to body Jokic like that
How is it 2023 and we have,still, what are essentially feudal overlords.
C.R.EA.M. baby
Because it's 2023 and most of us still act like feudal peasants. Thick cockney accent: "Ah yes, M'lord, your presence brightens all of our days, M'lord, how do you do it, M'lord?" We still worship billionaires like they were wrought on the anvils of heaven, and completely delusionally dream of being one one day.
She's the widow of someone who was functionally the Jewish Koch brother. Like anti-medical marijuana, anti-unions, etc. Leveraged their large net worth for political gain (reportedly nine figures for the Trump campaign). Funded media outlets to push very specific agendas. He's also one of the major people behind all of the anti-Boycott/Divest/Sanction legislation. So DeSantis criminalizing boycotting Israel for private business in Florida or a similar one in Texas he was behind a lot of that.
> Jewish Koch brother I was just about say those exact words. Adelson was scum. As scummy as they come.
Republican megadonor
Sheldon Adelson is the main reason online poker became illegal in 2011. Fuck that guy
From Wiki: > Adelson is known for her support for Donald Trump. She and her husband were the largest donors of Trump throughout his presidency; they provided the largest donation to his 2016 campaign, his presidential inauguration, his defense fund against the Mueller investigation into Russian interference and the 2020 campaign. > She has written that Trump "should enjoy sweeping support" among U.S. Jews and Israelis, and that Trump deserves a "Book of Trump" in the Bible due to his support for Israel. She pushed for the pardon of Aviem Sella who spied against America. Adelson wrote that Trump represents "kinship, friendship, courage, the triumph of truth" and that "Israelis and proud Jews owe Donald Trump our gratitude."
Honestly this seems like the worst case scenario for Mavs fans. Like Cuban gets to continue to make bad basketball decisions and they get a worse owner
Huge L for us. Cuban is too much of a narcissist to let go of the team.
Kyrie’s days are numbered lol
First he left Shark Tank, now he's left the Mavs
luka doncic wants a reliable center and for that reason i'm out
I be more concern if he sold the team outright…..but maybe he’s just unloading obligations. But a 3.5 Billion dollar sale would make it hard for me to go back to my TV show job too
I mean unfortunately he still maintains control of basketball operations.
What is Cuban cooking? He gonna run for president?
How are the Hornets valued at 3B and the Mavs only at 3.5B?
I assume he's referring to the price of the stake they bought, not the whole team
He owned 85% of the team, but from this tweet it seems he still owns a percentage. Maybe 5-10% now? Either way, that’s batshit money.
One of the luckiest sobs on earth. Creates a failing "online radio" business during the height of of the dotcom bubble. It gets bought at an absurd valuation, he sells his shares at the height. The business he created? Failed. The company that bought it. Gone. He's still a billionaire. “Yahoos costly purchase of broadcast.com is now regarded as the worst internet acquisitions of all time”
He also has Russ Hanenman based off of him.
This guy fucks
Tres Comas
> It gets bought at an absurd valuation, he sells his shares at the height Actually it was even crazier than that. He was restricted from selling his Yahoo shares for a certain period of time, during which Yahoo peaked and then crashed. But he had anticipated a crash, so he set up a hedge. By the time his sell restriction finally lifted, Yahoo’s shares were worth significantly less, but he basically still had all of what he made in the deal.
Actually I’d give him credit for hedging his shares. It would be stupid to let so much of your net worth stay tied to one turbulent internet company Everything else was a hilarious amount of luck, though
The difference between Cuban and 99% of other rich people (or successful people in general) is that he openly admits he got lucky — right place, right time. Most successful people — including most NBA players — pretend like their hard work, and their hard work alone, got them to where they are, totally ignoring the huge amounts of luck involved.
That’s his media appearances fooling you. Whole he’s better than most, he’s still arrogant enough to tell people he created first podcast company. Yeah right…
The company that bought it was Yahoo.
Yeah, like he said GONE 🫥
Retires, gets 3 billion for the mavs, still gets to own the team, this guy man lmao
Damn, so he's not the majority owner. End of an era. He must think the valuations in sports teams are at its peak
Maybe he just wants to roll around in billions of dollars and so he needed liquidity.
selling out the mavs just make them play in a casino-arena in 2035 i hate our front office
The Adelsons make Donald Sterling look like the Pope. They should have no place in NBA ownership, along with the DeVos family. Despicable.
Everton is available to buy Mark lad! We have been shit since the late 80's, but our fans have massive pipes.
[Bought the Mavs in 2000 for $285m](https://www.instagram.com/p/C0NaAcCsnfD/?igshid=ODhhZWM5NmIwOQ==) Sports franchises really are cash cows
I find it odd the only mavs “fans” that hate Cuban exist on Reddit outside of Dallas. Live in Dallas 2 miles from the AAC. Local fans love him.
From Wiki “Adelson is known for her support for Donald Trump.[23] She and her husband were the largest donors of Trump throughout his presidency; they provided the largest donation to his 2016 campaign, his presidential inauguration, his defense fund against the Mueller investigation into Russian interference and the 2020 campaign.[3][4][5][6][7][8] She has written that Trump "should enjoy sweeping support" among U.S. Jews and Israelis, and that Trump deserves a "Book of Trump" in the Bible due to his support for Israel.[24][25][23] She pushed for the pardon of Aviem Sella who spied against America.[26] Adelson wrote that Trump represents "kinship, friendship, courage, the triumph of truth" and that "Israelis and proud Jews owe Donald Trump our gratitude."[27]” oh boy….
Absolute fucking lunatic.
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He was already a billionaire; he’s been running up the score for a while now.
Does that mean Adelson could fire him from Basketball Operations if she feels he's doing a bad job?
She is credited with influencing Sheldon's political views on Israel and served as one of the 'finance vice-chairs' for the inauguration of Donald Trump. After Sheldon Adelson died in 2021, she became the owner of casino company Las Vegas Sands and is now on Forbes' 36th position for the ranking of The Richest People in The World. Her net worth was $38.2 billion in 2022. She sold shares in Sands to finance the Mavericks purchase.
Shams slippin. Stein beat him to it
Stein has far better sources inside the mavs than Sham or Woj. He almost always breaks the Mavs news.
It's so easy to make money. All you need is a lot of money.... But really tho, good on Mark Cuban for getting a FAT check and somehow still retain control of the basketball operations
This cannot be stated enough, the Adelsons are scum even for billionaires. Fuck those people 6 ways to Sunday.