Jan 5 (Reuters) – Mark Cuban has informed Dallas Mavericks employees that the team will pay out a total of more than $35 million in bonuses following the billionaire’s sale of his majority stake in the franchise, ESPN reported on Friday.
In November it was reported that Cuban intended to sell his majority stake to Miriam Adelson and her family, states legal online gambling the largest shareholders of casino operator Las Vegas Sands, while Cuban would retain a stake and stay on to run basketball operations.
Patrick Dumont, the CEO of Las Vegas Sands, and his wife Sivan joined Adelson in purchasing Cuban’s stake.
“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,” Cuban said in a letter to employees, according to ESPN’s Tim MacMahon.
“In total, we will be playing out approximately $35 plus million Dollars in bonuses to you all.
“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.
“I’m excited to continue our work making the Mavs the best franchise in all of sports!”
Adelson in late November announced she would sell $2 billion worth of Las Vegas Sands stock, or roughly 10% of her stake, and the company in a filing said the money would be used to purchase a sports team.
The NBA Board of Governors late last month approved the sale.
Cuban purchased his majority stake in the franchise for $285 million in January 2000 and was the team’s owner when they won their lone NBA championship in 2011.
The Mavericks are currently 20-15, seventh in the Western Conference standings.
The Dallas Mavericks did not immediately respond to a request for comment. (Reporting by Rory Carroll in Los Angeles Editing by Christian Radnedge)
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