Mark Cuban sold a majority stake in the Dallas Mavericks after 23 years of being the primary owner at $3.5 billion valuation in 2023.
After multiple failed promises and seeing his influence being completely ignored after selling the team, Cuban started publicly distancing himself, giving up his long-held courtside seat at home games.
His dissatisfaction has now escalated to the point of legal action.
Mark Cuban initiates legal action against the new Mavericks ownership
In documents acquired by MavsRoundtable, Cuban filed an application in Dallas County District Court for a “pre-suit deposition” involving the franchise’s plan to finance a new arena in Irving, Dallas.
The complaint references Cuban being shut out of the information process behind the team’s impending arena plans, while directly naming Mavs governor Patrick Dumont for ‘adversarial business practices and history of failing to uphold his end of the bargain.’
“Part of Cuban’s ‘bargain,’ as the filing notes: A ‘handshake deal” as part of his December 2023 sale worth $3.5 billion to Dumont and the Adelson family that included ‘the clear division of responsibilities: Cuban would retain authority over the Mavericks’ basketball operations, while Dumont would oversee the business side of the franchise, including real estate development and the pursuit of an integrated, destination resort casino in Dallas.’
Mavericks didn’t hold up Mark Cuban’s bargain, resulting in the Luka Doncic trade
The complaint also references how the bargain not being held up led to Nico Harrison’s action of trading franchise star Luka Doncic for a pitiful return.
“Dumont did not fulfill his end of this agreement, and I did not retain control over basketball operations. Instead, former General Manager Nico Harrison was put in charge, leading to the trade of Luka Doncic.
Cuban also claims Dumont openly flouted the terms of this ‘bargain’ relating to Cuban controlling basketball ops for the franchise after the sale.
“When I discussed this with Dumont over the phone, he told me: ‘Why would I give you control of a $4 billion asset?”
Cuban still holds a minority ownership stake in the Mavericks and has material benefits tied to the franchise successfully reaching his dream of a $10 billion valuation with a resort-themed home arena in Dallas.
He sold the franchise to Miriam Adelson’s Las Vegas Sands group because they had the expertise in executing this plan.
But now, it seems the new owners want Cuban to leave them alone as they operate the franchise how they see fit, not how Cuban sees it.
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