Why Is Mark Cuban Exiting From Shark Tank And The Mavericks?
Mark Cuban has recently disclosed his decision to conclude his tenure on the reality television series Shark Tank after the completion of its 16th season. In an interview with the Showtime podcast All The Smoke, Cuban conveyed, “It’s time.”
The entrepreneur, who initially appeared as a guest in season 2 before becoming a regular shark in the subsequent year, emphasized his appreciation for the show’s role in exemplifying the resilience of the American dream.
“I love it because it sends the message the American dream is alive and well,” Cuban shared with hosts Matt Barnes and Stephen Jackson. Reflecting on the impact of the show, he expressed satisfaction in having nurtured multiple generations of entrepreneurs.
Cuban highlighted the inspiration derived by aspiring business leaders from diverse backgrounds, stating, “Now we’ve got people coming on saying I watched you when I was 10 years old. I’m like, f*ck. But we’re helping them, right?”
While ABC has not officially confirmed his departure, an insider on the show mentioned that Cuban has alluded to leaving in the past.
Simultaneously, Cuban is in the process of selling a majority stake in the Dallas Mavericks. Reports indicate that the Adelson family is set to acquire a majority share of the team, with Cuban retaining control. Miriam Adelson, the largest shareholder of the Las Vegas Sands, is reportedly buying into the Mavericks at a $3.5 billion valuation.
The Mavericks, valued at about $4.5 billion by Forbes, are currently the seventh-most valuable franchise in the NBA. Miriam Adelson, the fifth-richest woman globally, plans to invest in the team after selling approximately $2 billion worth of Las Vegas Sands stock.
This development aligns with Cuban’s aspirations to relocate the Mavericks to a new arena, ideally situated in the midst of a resort and casino. Despite the potential partnership with Las Vegas Sands, it’s worth noting that sports betting and casinos remain prohibited in Texas.
During his ownership, the Mavericks achieved significant success, including an NBA title in 2011.
Information for this story was found via Deadline, Yahoo Sports, and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
