Mark Cuban had an epiphany after watching an NBA game. “I want to buy this team and make it into something better!” So, he did. Here’s the story on why he acquired the Dallas Mavericks in 2010, within months after watching them play for the first time.
Mark Cuban’s gamble
Fortunately, Cuban had just sold his Broadcast.com business to Yahoo for $5.7 billion months prior. He had the war chest to acquire an NBA franchise. Mark paid $285 million in 2000, and it was a risk that paid handsome dividends for the billionaire. But looking back, Cuban admitted he saw the opportunity, not as an investment but as a chance to be closer to a sport he loves. He mentioned how it went down in an interview with Chris Paul.
“My seats are right by the Mavs bench… two rows back. I was into it and there was nobody there. And, I remember [thinking] ‘I can do a better job than this.’ And then it hit me: ‘Ding, ding, ding! Now, I can afford this stuff!’”
Mark Cuban, Bloomberg
As one of the most opinionated owners of an NBA team, Cuban has paid more than $3.1 million in fines since 2000. This just shows his involvement and passion for the Dallas Mavericks, and he’s not afraid to speak his mind.
Cuban’s Midas Touch
Before The Shark Tank investor took over, the Mavs dwelled in mediocrity. But that changed soon. Dallas had been in the playoffs 18 times in 23 years under Cuban and won a title in 2011.
This year, the Dallas Mavericks dispatched the Utah Jazz in six games in the playoffs. This marks the second time the Mavs advanced to the 2nd round since 2011 when they won their first and only championship. Facing the Mavs in the 2nd round are the league-leading Phoenix Suns, who have shown some weaknesses, especially in some games where Devin Booker didn’t play. Luka Doncic has also missed playoff games due to a calf strain. It should be an exciting series if the players are healthy on both teams.
Given that the Mavs are primed for more playoff success in the coming years, it would only increase the franchise’s value in the future. Right now, the Mavs are valued at $2.7 billion, ranked 9th among teams in the NBA. Call it fate or a businessman recognizing a golden opportunity, the Mavs fans should thank Mark Cuban for changing the franchise’s future. Without him, basketball fans would be left without the likes of Dirk Nowitzki and that historic 2011 run.