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.<\/p>\n
In November it was reported that Cuban intended to sell his majority stake to Miriam Adelson and her family, states legal online gambling<\/a> the largest shareholders of casino<\/a> operator Las Vegas Sands, while Cuban would retain a stake and stay on to run basketball operations.<\/p>\n Patrick Dumont, the CEO of Las Vegas Sands, and his wife Sivan joined Adelson in purchasing Cuban’s stake.<\/p>\n “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.<\/p>\n “In total, we will be playing out approximately $35 plus million Dollars in bonuses to you all.<\/i><\/u><\/p>\n “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.<\/p>\n “I’m excited to continue our work making the Mavs the best franchise in all of sports!”<\/b><\/p>\n 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.<\/p>\n The NBA Board of Governors late last month approved the sale.<\/b><\/p>\n 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.<\/p>\n The Mavericks are currently 20-15, seventh in the Western Conference standings.<\/strong><\/p>\n The Dallas Mavericks did not immediately respond to a request for comment. (Reporting by Rory Carroll in Los Angeles Editing by Christian Radnedge)<\/p>\n