Billionaire Mark Cuban Selling Majority Stake in Dallas Mavericks
Agreement Reached with Jones Family
Sale Valued at $3.5 Billion
DALLAS, Dec. 27, 2023 (AP) — Mark Cuban, the outspoken and charismatic owner of the Dallas Mavericks, has agreed to sell a majority stake in the team to the family behind one of the world's largest casino empires. The deal, which values the Mavericks at approximately $3.5 billion, was announced by Cuban and the Jones family on Wednesday.
Cuban bought the Mavericks for $285 million in 2000. Under his ownership, the team has won one NBA championship and reached the playoffs 15 times. Cuban has become one of the most recognizable and influential figures in basketball, known for his passion, philanthropy, and outspoken personality.
The Jones family, led by patriarch Tilman J. Fertitta, owns the Landry's restaurant group and the Golden Nugget casinos. They have been interested in owning an NBA team for several years and see the Mavericks as a valuable asset.
The sale is expected to close in the coming months, pending league approval. Once it is finalized, Cuban will remain involved with the Mavericks as a minority owner and will continue to be the team's public face.
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