Billionaire Mark Cuban is sharing some of the wealth with employees of the NBA team he used to be the majority owner of: the Dallas Mavericks.
Cuban recently sold enough shares to lose his majority stake in the team – in a deal worth $3.5billion that will see the Adelson family take over.
As a thank you for years worth of hard work, Cuban announced to the staff of the Mavericks in a letter that they would be getting bonuses.
The payouts were based on ‘a framework that took into consideration how long you have worked for the Mavs’ – with promises that the cash would hit their bank accounts ‘in the very near future’.
Bonuses would be paid out by Cuban as well as both new owners Miriam Adelson, Sivan Dumont, and Patrick Dumont.
Mavericks part-owner Mark Cuban is paying out $35million in bonuses to team employees
Cuban sold a majority stake in the team to a consortium, casino games chances of winning led by casino owner Miriam Adelson
Cuban still retains a 27 percent stake in the team and runs the basketball operations
An email from Mark Cuban to Mavs employees informing them of a plan to pay approximately $35M in bonuses in the wake of selling a majority stake of the franchise: pic.twitter.com/omoamjRA1H
— Tim MacMahon (@espn_macmahon) January 5, 2024
‘I’m excited to continue our work making the Mavs the best franchise in all of sports!’ Cuban said in the letter.
While Cuban sold off a majority of the Mavericks, the billionaire and longtime owner of the team retained a 27 percent stake in the franchise.
Cuban is also still in charge of the Mavs’ basketball operations – saying that he felt that the business could be better with a new owner in control.
‘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,’ Cuban said, ‘that’s a huge win.’
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