The Dallas Mavericks are currently competing for an NBA championship.
After acquiring mercurial guard Kyrie Irving and sweeping aside the Clippers, Thunder and Timberwolves, the Mavs find themselves in the NBA Finals for the first time in thirteen years with just the Boston Celtics standing in their way of an NBA championship.
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Former 'Shark Tank' billionaire Mark Cuban has been heavily involved with the organization since January 2000 and remains an integral part of their day to day operations.
He celebrated with Luka Doncic when Dallas were crowned Western Conference champions and is expected to be court-side at American Airlines Center for at least Games 3 and 4 of the 2024 Finals.
However, Cuban's role with the Mavs has changed dramatically in recent years, with the franchise ushering in a new era of ownership at the end of 2023.
Does Mark Cuban still own the Dallas Mavericks?
Cuban initially paid $285 million to acquire the Mavericks in 2000. However, he is no longer the majority owner after selling 73 percent of the franchise to Miriam Adelson for$3.5 billionin late 2023.
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That means he made around 12 times what he initially paid for the team nearly 25 years ago.
Adelson, 78, is a billionaire physician who is the widow of casino magnate Sheldon Adelson.
She is the controlling shareholder of Las Vegas Sands Corp., a publicly traded Las Vegas company that built the Venetian and Palazzo resorts but now only has casino operations in Macau and Singapore.
Adelson's daughter, Sivian, and her husband Patrick Dumont - who serves as president and chief operating officer of Las Vegas Sands Corp - also make up the majority ownership stake.
Dumont now serves as the Mavericks' governor.
Forbes estimated that Adelsonand her family have a net worth of $32.3 billion, making her the 44th-richest person and the fifth-richest woman in the world.
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What is Cuban's current role with the Mavs?
Despite selling his majority in the team, Cuban still serves asthe alternate governor for Dallas.
The 65-year-old retains a 27 percent stake in the franchise and is still in control of basketball operations.
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Crucially, though, he isn't the Mavericks' president of basketball operations - that would be Nico Harrison.
But Cuban still holds a lot of power with the Mavs and continues to be at the centre of a lot of their decision-making.
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Why did he sell his majority stake?
At the time of the sale, Cuban revealed he sold his majority stake to a family with ties to the hotel and casino industry because he sees future advantages in NBA ownership in real estate.
"The advantage is what can you build and where and you need to have somebody who’s really, really good at that," Cubansaid. "Patrick and Miriam, they’re the best in the world at what they do. Literally, around the world.
"When you get a world-class partner who can come in and grow your revenue base and you’re not dependent on things that you were in the past, that’s a huge win."
In December, he explained: “It’s a partnership. They’re not basketball people. I’m not real estate people. That’s why I did it. I could have gotten more money from somebody else. I’ve known these guys for a long time. They’re great at the things I’m not good at.”
According to reports, Cuban had hoped to partner with the Adelson family to build a new arena and casino adjacent to the new convention center in Dallas.
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Mark Cuban's 2024 net worth
Cuban's current net worth is $5.4 billion, according to Forbes.
He is a self-proclaimed basketball nut who has managed to change the fortunes of an entire franchise since taking over.
The Mavs were a laughing stock in the '90s but have since become a consistent challenger in the tough Western Conference and won their lone NBA title in 2011 with the help of Dirk Nowitzki.
Cuban co-founded video portal Broadcast.com in 1995 and sold it to Yahoo for $5.7 billion in 1999.
Cuban also launched Cost Plus Drugs in 2022 with the aim of lowering prescription drug prices.
The billionaire businessman joined popular reality series Shark Tank in its second season in 2011.
He announced his decision to leave the show last year.
His Mavericks team currently find themselves 2-0 down against the Celtics in the NBA Finals.
Doncic has been excellent despite being hobbled while Kyrie Irving has been hugely disappointing and essentially been a non-factor.
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Boston has won both home games with the series now switching to Dallas.
A hugely pivotal Game 3 takes place on Wednesday night at American Airlines Center.
