In the aftermath of selling his majority stake in the Dallas Mavericks, billionaire Mark Cuban has disclosed plans to distribute $35 million in bonuses to the team’s employees.
What Happened: Cuban announced the hefty bonus distribution in a gratitude letter to his staff, acknowledging their relentless contributions to the Mavericks’ success, reported Reuters.
Cuban stated in his letter, “In total, we will be paying out approximately $35 plus million dollars in bonuses to you all.”
The formula used for bonus calculation considers the length of service of the Mavericks’ employees.
The key shareholders of the casino operator Las Vegas Sands LVS, Miriam Adelson and her family, bought Cuban’s majority stake in November.
Despite the sale, Cuban has kept a share of his stake and continues to manage basketball operations.
The joint purchase of Cuban’s stake was made by Adelson, Patrick Dumont, Las Vegas Sands’ CEO, and his wife, Sivan.
Adelson had previously announced intentions to sell $2 billion worth of Las Vegas Sands stock to finance a sports team acquisition, a move approved by the NBA Board of Governors.
Why It Matters: Cuban’s bonus plan follows his decision to sell his majority stake in the Mavericks, a move that was approved by the NBA in December 2023.
The sale was a surprise to many, given Cuban’s long-standing association with the team since 2000.
Cuban decided to sell his majority stake due to his self-admitted lack of expertise in real estate, a sector he deemed significant for the future success of NBA teams. He had contemplated developing a casino and resort linked to the Mavericks as an additional revenue stream.
The deal saw Cuban retain a smaller ownership share and control of the basketball operations, marking a new chapter in the franchise’s history.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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