- Cuban entertained the idea of running for the U.S. presidency in 2017 and 2020
- He is about to transfer most of his shares in the Mavericks to Miriam Adelson
- DailyMail.com provides all the latest international sports news
Billionaire businessman Mark Cuban has ruled out all speculation that he could run for the US presidency after selling his majority stake in the Dallas Mavericks.
The 65-year-old Mavericks owner is set to sell his $3.5 billion stake in the NBA franchise to the Adelson family, leading to some wild theories on social media that he will abandon his bid for president shortly after the sale could announce.
However, Cuban has dismissed rumors that he is running for office as “galaxies turned off.”
Instead, the outgoing Dallas chief reiterated that there is “no chance” he will campaign and that his family would disown him if he did. per TMZ.
On Monday, Cuban said on the Showtime podcast “All The Smoke” that he will be leaving “Shark Tank” after 16 seasons, citing conflicts with his personal time as the reason.
Mark Cuban said he will not run for US president after selling his stake in the Mavericks
Cuban sells most of his shares to philanthropist and political donor Miriam Adelson
As an investor on Shark Tank, Cuban invested in 85 companies across 111 episodes of the show
His total reset comes in an effort to spend more time with his family.
However, Cuban at one point came up with the idea of running for U.S. president.
In 2017, he told Harvey Levin on “OBJECTified” that he would run as a Republican to challenge Donald Trump. Two years later, Cuban told TMZ that his family “voted down” his serious desire to run for president in 2020.
Cuban purchased a majority stake in the Mavericks from Henry Ross Perot Jr. for $285 million in 2000. The organization saw significant improvement almost immediately under Cuban’s ownership.
The team won 40 percent of their games in the twenty years before Cuban’s purchase. In Cuban’s first decade as majority owner, the Mavericks won 69 percent of their games and made the playoffs in all but one season.
The Mavericks made their first appearance in the NBA Finals in 2006, where they lost to the Miami Heat. Five years later, they avenged that loss by beating Miami and winning their only NBA title.
The Dallas Morning News reported Tuesday that Cuban is selling most of his stake to Miriam Adelson for $3.5 billion. Cuban will retain some ownership in the franchise and will be the primary decision maker for basketball operations.
Despite selling the majority of his shares in the Mavericks, Cuban’s business portfolio remains healthy, having invested in 85 deals across his 111 episodes of Shark Tank.