Mark Cuban, Photo by Gage Skidmore
Mark Cuban’s employees are really happy right now to be working for the NBA’s Dallas Mavericks. After his sale of a majority stake in the team, Cuban is paying out $35 million in bonuses to the team’s employees.
ESPN revealed an e mail that Mark Cuban sent Dallas Mavericks’ staffers an e mail about the bonuses.
“As a thank you for all of your hard work making the Mavs an amazing organization, each of you will be receiving a bonus from myself and the [Miriam] Adelson and Dumont Families,” wrote Mark Cuban.
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Cuban went on to explain that in order to calculate the individual bonuses to be paid out they took into consideration how long each one worked for the team. He added that each one would get his bonus in the “near future.”
Mark Cuban will continue as a part owner of the team and told his employees, “I’m excited to continue our work making the Mavs the best franchise of all sports!”
A few months ago it was revealed that Miriam Adelson, the widow of the late casino magnate Sheldon Adelson, bought a majority of the team for an amount that gave the NBA franchise a $3.5 billion valuation. Miriam Adelson revealed that she was cashing out $2 billion in stock from her family’s Las Vegas Sands company to make an unspecified acquisition, which turned out to be the Mavericks.
Marc Cuban will retain a 27% stake in the Dallas Mavericks.
Mark Cuban, who has an estimated net worth somewhere north of $6 billion, acquired a majority stake in the Dallas Mavericks in 2000 for just $285 million. There is a reason why people say that owning major sports franchises in America like the Mavericks is a license to print money. The franchises not only increase in value at a rate wildly above the rate of inflation, offering absurdly high returns on investment, but even after taxes, the owners pocket millions of dollars a year from the prophets.
