The sports world was shocked Tuesday night with reports that NBA team owner Mark Cuban is in the process of selling majority control of the Dallas Mavericks.
The news comes alongside another recent development from Cuban and has led to rumors of his next move.
What Happened: Cuban could be in the process of selling majority control of the NBA's Dallas Mavericks to Las Vegas Sands LVS majority shareholder Miriam Adelson.
The news came Tuesday night after shares of Las Vegas Sands fell on a filing saying Adelson was selling $2 billion in shares to help fund the purchase of a majority interest in an unnamed professional sports team.
NBA insider Shams Charania shared news of Cuban's potential sale, which the billionaire or team has not confirmed. Charania said Cuban would sell majority ownership in the team at a valuation of $3.5 billion, but would also keep a stake in the team and have full control and "final say in basketball operations."
Cuban’s acquisition of the Mavericks in 2000 for $285 million has resulted in a massive return, making his investment in the team highly profitable.
Sports industry expert Joe Pompliano shared that the deal could be "fascinating" given that Cuban would still have control of the team. Pompliano also said the deal could be good for both sides, as the Adelson family likely got a discount on valuation at $3.5 billion to what the Mavericks would get on the open market with Cuban not staying involved.
The Phoenix Suns sold for $4 billion in 2022 and were valued at $3 billion by Sportico. The Mavericks are valued at $3.26 billion in the last Sportico valuations, ranking 10th in the NBA.
News of the Mavericks sale follows Cuban saying that season 16 of "Shark Tank" will be his last. The news of leaving the show he has been featured on for 12 seasons has led to speculation of what the billionaire will do next.
Related Link: 5 Things You Might Not Know About Mark Cuban
Presidential Run?: Social media was abuzz with rumors that Cuban could be moving on from "Shark Tank" and selling his Mavericks stake to free up capital and time for a move into politics, potentially a presidential run in the 2024 election.
While this could be a possibility, it would mark a changing of the mind for Cuban.
In a December 2022 interview with Bill Maher, Cuban said he has no intention of running for president of the United States.
"I'd be so bad. I have no patience for that bulls***," Cuban said in response to Maher telling him he would be a fabulous president.
Cuban said he couldn't be president because of his family and how every inch of his life would be analyzed.
"Every story, everything you've ever done, every picture that's ever taken about you. There's no f***ing way."
In the interview, Cuban told Maher that he was an independent, but if he had to pick a party to run for politically, it would be as a Republican.
"Because I can f*** with them more and I think they're more pragmatic. But I think Democrats are smarter."
Running as a Republican in the 2024 election would put Cuban head-to-head with frontrunner Donald Trump. In the same interview with Maher, Cuban was critical of the former president.
"So, I think Trump has been political chemotherapy."
Cuban added that a lot of people who previously supported Trump are not moving to call him out.
The 2022 interview wasn't the first time Cuban brushed off a presidential run. During a 2014 interview with CNN, Cuban also said he wasn't interested.
"Hell f***ing no."
A 2020 interview between Cuban and the Barstool Sports "Pardon My Take" show saw Cuban say he wouldn't be running for president anytime in the future, but said he might change his mind, adding "never say never."
In a 2020 conversation on Barstool Sports’ “Pardon My Take” show, Cuban stated he had no plans to run for president in the future, but he left the door open by adding, “never say never.”
A run for president by Cuban would mark another pro-crypto candidate in the 2024 election race. Some investors may remember Cuban saying in 2021 that he would run for president if Bitcoin hit $1 million, a price target it has yet to reach.
Cuban’s most recent comments regarding a potential presidential run came on Wednesday, when he told CNBC that he currently has “no plans to run.”
Benzinga reached out to Cuban for comment, but did not hear back.
Read Next: Mark Cuban To Exit Shark Tank: Reflects On His Worst Deal And Surprise Success Shared With Benzinga
Photo: Gage Skidmore on Flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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