Mark Cuban is perhaps the biggest name of the “dot com” entrepreneurs from the 1990s. He famously capitalized on the internet boom of the late 90s and had the foresight to cash in before the bubble burst.
Cuban has always been an entrepreneur and adventurer. He famously paid for a year of college mailing chain letters, was the first person to buy a helicopter on the internet, and is a driving force behind the wildly popular show “Shark Tank,” where up-and-coming business owners peddle their companies in hopes of getting investments.
Cuban has also owned the NBA’s Dallas Mavericks since 2000. He purchased the team with the fortune he made from the sale of his website, Broadcast.com, to Google in the 90s. He has been a visible presence on the sidelines and often on the court, as he regularly shot baskets with the team.
Now, in a shocking move, Cuban has announced that he is selling his majority stake in the team after 23 years. Cuban will retain a minority stake and also still preside over basketball operations but will sell to Miriam Adelson, the wife of a late casino magnate.
The asking price wasn’t cheap. The Athletic reports that the valuation is approximately $3.5 billion. It is key, however, that he maintains control over basketball operations. Cuban took a flailing franchise in the Mavericks and injected money and life into the team.
The team won the NBA Championship in 2011 and has made the playoffs in all but six of the seasons under Cuban’s guidance. Mark Cuban is so synonymous that many are in disbelief that he will no longer be the majority owner, even though he will still be running basketball operations.
Of note is the timing of the sale by Cuban. The soon-to-be-former owner also announced on a podcast this week that he will be leaving the long-running “Shark Tank” after its upcoming 16th season. Reports are Cuban, and the Las Vegas Sands Corporation is awaiting legalized gambling in Texas in order to open a casino.
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Among the rumors swirling as to Cuban’s next move, apparently, a run at the White House isn’t among them. In an email to NBC News, Cubas reiterated he has “no plans to run” and that his family “would disown me” should he seek the Presidency.
That likely leaves gambling as the next logical conquest for the billionaire entrepreneur. Texas has yet to legalize casino gambling, but considering how many states are coming around to gaming, it is likely just a matter of time before the Lone Star State follows suit.
Considering the connections Cuban has in the political world, it would seem he has some inside information as to when it might happen and is positioning himself accordingly. It would be perhaps the biggest, riskiest conquest of his career.
Gambling operations come with their own particular risks, as even President Trump has had casinos go under. Whatever direction Mark Cuban takes, there is no doubt he will be vocal and the face of the operation. Gambling, another sports franchise, or even retirement, we surely haven’t seen the last of Mark Cuban.
Featured image screen grab from embedded YouTube video