Mark Cuban "finalized his deal to buy controlling
interest" in the Mavericks from Ross Perot Jr. in a
transaction that puts the team's worth at $280M, according
to Richard Alm of the DALLAS MORNING NEWS. Cuban is
"expected to end up owning as much as" 70% of the team, but
team officials "declined to specify how the shares will be
divided." Cuban "has offered to buy out anyone who wants to
sell" and the transaction still must be approved by 22 of
the 29 NBA team owners. The deal stipulates that Perot will
"retain a minority interest" in the team. Minority Owner
David McDavid will sell his 12.5% stake, "but some other
stakeholders want to stay in the game," including team
founder Donald Carter (4.13%), grocery-store operator Sonny
Williams (4.13%) and Belo Corp. (12.38%), which also owns
the Dallas Morning News (DALLAS MORNING NEWS, 1/15).
MAKING HIS MARK: Cuban made his first move within the
organization last week by replacing longtime PA announcer
Kevin McCarthy, who had been with the team since its
inaugural season in '80-81, with KLIF-AM personality
"Humble" Billy Hayes (DALLAS MORNING NEWS, 1/15). Cuban
also announced that his post-game parties in the Mavs Club
at Reunion Arena for the rest of the season will "feature"
an open bar for the first hour (DALLAS MORNING NEWS, 1/16).
76ers President Pat Croce, on Cuban: "From everything I've
heard, it sounds a lot like we're mirror images of each
other. I'm anxious to talk with Mark, because it seems like
we have a lot in common. We need more owners like him in
the league, that's for sure" (DALLAS MORNING NEWS, 1/16).
