Mark Cuban buying the Dallas Mavericks was a moment in history that changed the game forever. It was the first time we saw a young tech billionaire buy into an organization for the love of the team.
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For a while, the Mavericks owner had been a season ticket holder, until becoming an owner in 1999-2000. During that period, the Mavericks were the Clippers of the NBA, flattering to deceive.
Everybody railed on them—they were the underperforming team from Texas. Nobody wanted to go there, but somehow they lucked into having Dirk Nowitzki and Steve Nash together. Cuban saw the potential in the team, and the previous owner did nothing to further their cause.
Ross Perot, the previous owner of the Mavericks, had no interest in building a great team; the Dallas team was just a cash cow. Cuban was peeved—how could he let something like this slide? He had just made millions off the sale of his company; he was set on doing something big.
And he did something significant. On January 14, Cuban became the youngest owner of an NBA team. He paid $285 million for the Texas-based team, a record that stood for more than a decade after the sale, with its current net worth being 3.3 billion.
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Mark Cuban did not care about overpaying for a mediocre team – He had his sights set on glory.
Despite having a short turnaround from Superfan to Owner, Mark Cuban was subjected to rigorous scrutiny before being handed over the reins. He claims that the process of buying a team is much tougher when he bought it, compared to now.
On the Knuckleheads Podcast, he goes into detail about the thought process of what transpired between him and the owners and the board. Cuban became the owner after stringent measures were implemented and the IRS gave its approval. He immediately started planning his build around five players.
Shawn Bradley, Michael Finley, Jason Kidd, Dirk Nowitzki, and Steve Nash. He knew a core group of players who could help the Mavericks advance.
He also made changes to the brand image of the team; they went from a mediocre logo to a fresh, inspired one, which stays in the mind even today.
Dallas Mavericks are now a mainstay in the top half of the league
10-years after his investment in the Mavericks, Dallas embarked on a history-making championship run. Touted as one of the toughest championship runs to date, they faced Kobe Bryant, Tim Duncan, and LeBron James en route to victory.
All of this was possible because one tech billionaire believed in them. Mark Cuban had his Shark Tank senses tingling way before the show began. An entrepreneur can smell the blood of a good investment from a mile away. He was a true Great White in that sense.
