Working for Mark Cuban has just become even more lucrative as the billionaire and now-former majority owner of the Dallas Mavericks recently revealed a generous plan to distribute $35 million in bonuses to the team's employees.
The unexpected announcement comes on the heels of Cuban's sale of his majority stake in the NBA franchise to the families operating the Las Vegas Sands casino company for a staggering $3.5 billion in December.
While this sale may have shifted Cuban's role within the Mavericks, it hasn't diminished his appreciation for the hard work and dedication of his team's employees, per NBC4.
In a heartfelt message to the Mavericks' staff, Cuban expressed his gratitude, writing in an email, per ESPN's Tim MacMahon: "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."
The bonuses - totaling approximately $35 million - will be distributed based on a formula that takes into account the length of time each employee has devoted to the Mavericks organization.
Cuban ended his company email by saying: "I'm excited to continue our work making the Mavs the best franchise in all of sports! Let's Go Mavs!"
Cuban's decision to part ways with his majority ownership stake in the Dallas Mavericks sent shockwaves through the NBA community. Known for his passionate involvement with the team, Cuban is a familiar face courtside at Mavs games, often embodying the role of a dedicated basketball enthusiast.
Nevertheless, Cuban revealed at a press conference that he will still maintain a 27% stake in the organization and have control over basketball operations.
One motivating factor behind Cuban's sale of the team was his desire to facilitate a partnership aimed at establishing a new arena and casino in the Dallas-Fort Worth area, specifically within downtown Dallas. Although gambling remains illegal in Texas, the Las Vegas Sands and Resort company has been actively pursuing the opportunity to introduce a casino to the Lone Star State for some time.
Describing the rationale behind the sale, Cuban explained: "It's a partnership. They're not basketball people, I'm not real estate people. That's why I did it."
Speaking to members of the media, per TMZ, Cuban said: "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."
Mark Cuban's decision to exit Shark Tank after season 16 further highlights his dedication to nurturing entrepreneurship and inspiring aspiring business leaders.
In an interview on Showtime's All the Smoke podcast, Cuban expressed his belief that the show has empowered multiple generations of entrepreneurs, saying: "I feel like in doing Shark Tank all these years, we've trained multiple generations of entrepreneurs that, if somebody can come from Iowa or Sacramento or wherever, and show up on Shark Tank and show their business and get a deal, it's going to inspire generations of kids."