Mark Cuban has announced that he will be paying over $35 million in bonuses to Mavericks employees following the sale of the majority stake in the NBA franchise.
The former Dallas owner disclosed the plan in an email to Mavs staffers, stating that new owners Miriam Adelson, Sivan, and Patrick Dumont will also contribute to the large bonus pool.
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.com/omoamjRA1H
— Tim MacMahon (@espn_macmahon) January 5, 2024
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Cuban mentioned that the bonuses will be distributed based on the employees’ tenure with the Mavs, with the funds expected to be deposited into their accounts soon.
In a letter, Cuban expressed his excitement to continue improving the Mavs franchise, stating, “I’m excited to continue our work making the Mavs the best franchise in all of sports!”
Mark Cuban recently relinquished control of the team to Adelson and the Dumonts, having sold his majority interest in the franchise for $3.5 billion.
Despite this, the 65-year-old maintains a 27% ownership in the organization and confirmed that he will retain authority over basketball operations.
Cuban explained that his decision to sell was driven by his belief that the new owners have the potential to significantly expand the business.
He stated, “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, that’s a huge win.”
This move already appears to be benefiting Mavs employees.