Former majority owner Mark Cuban tells Dallas Mavericks employees he’ll distribute $35M in bonuses
(CNN) — Mark Cuban, who recently sold a majority share of the NBA’s Dallas Mavericks franchise, surprised Mavs employees on Friday when he informed them that the team would distribute more than $35 million in bonuses, a spokesperson for the team told CNN Sport.
In an internal memo obtained by ESPN’s Tim MacMahon, Cuban told team employees, “As a thank you for all your hard work making the Mavs an amazing organization, each of you will be receiving a bonus from myself, and the Adelson and Dumont families.
“In total, we will be paying out approximately $35 plus Million Dollars in bonuses to you all,” Cuban continued. “To calculate your bonus, we used a framework that took into consideration how long you have worked for the Mavs. You will receive your bonus in the very near future,” the memo said, according to the ESPN report.
Mavericks spokesperson Alan Rakowski confirmed the details of the memo to CNN.
The NBA announced last week that the league’s “Board of Governors has approved the sale of the controlling interest in the Dallas Mavericks from Mark Cuban to the families of Dr. Miriam Adelson and Sivan and Patrick Dumont.”
CNN reported in November that the Adelson family – who are majority shareholders of Las Vegas Sands and include Miriam Adelson’s daughter and son-in-law, Sivan and Patrick Dumont – had reached a deal to buy a majority stake in the NBA franchise. Terms of the deal were not disclosed, but previous reports indicate the transaction values the Mavericks franchise in the range of $3.5 billion.
At the time, the Adelson and Dumont families said in a statement: “The Dallas Mavericks are one of the world’s most successful and recognizable sports franchises. The team has won an NBA championship, has a long history of attracting international superstars and has been supported by a dedicated and passionate fanbase and leadership group led by Mark Cuban.”
The November statement indicated that Cuban will maintain a significant role with the NBA franchise.
“We look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond,” the statement said.
Cuban will keep partial ownership of the Mavericks franchise and remain in control of basketball operations, according to media reports at the time.
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CNN’s Matt Egan contributed to this report.
