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Mark Cuban will pay out $35million in bonuses to Mavericks employees

Billionaire Mark Cuban is sharing some of the wealth with employees of the NBA team he used to be the majority owner of: the Dallas Mavericks.

Cuban recently sold enough shares to lose his majority stake in the team – in a deal worth $3.5billion that will see the Adelson family take over.

As a thank you for years worth of hard work, Cuban announced to the staff of the Mavericks in a letter that they would be getting bonuses.

The payouts were based on ‘a framework that took into consideration how long you have worked for the Mavs’ – with promises that the cash would hit their bank accounts ‘in the very near future’.

Bonuses would be paid out by Cuban as well as both new owners Miriam Adelson, Sivan Dumont, and Patrick Dumont.

Mavericks part-owner Mark Cuban is paying out $35million in bonuses to team employees

Cuban sold a majority stake in the team to a consortium, led by casino owner Miriam Adelson

Cuban still retains a 27 percent stake in the team and runs the basketball operations

An email from Mark Cuban to Mavs employees informing them of a plan to pay approximately $35M in bonuses in the wake of selling a majority stake of the franchise: pic.twitter.com/omoamjRA1H

— Tim MacMahon (@espn_macmahon) January 5, 2024

‘I’m excited to continue our work making the Mavs the best franchise in all of sports!’ Cuban said in the letter.

While Cuban sold off a majority of the Mavericks, the billionaire and longtime owner of the team retained a 27 percent stake in the franchise.

Cuban is also still in charge of the Mavs’ basketball operations – saying that he felt that the business could be better with a new owner in control.

‘When you get a world-class partner who can come in and grow your revenue base and casino sites online you’re not dependent on things that you were in the past,’ Cuban said, ‘that’s a huge win.’

NBADallas Mavericks

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Gaming Awards

The EGR Awards

Perhaps the most prestigious awards in the iGaming industry are the EGR (eGaming Review) Awards. These awards recognize excellence in a wide range of categories, including sports betting, casino games, and online poker. The EGR Awards are highly coveted and are seen as a mark of excellence within the industry.

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Former Los Angeles council member sentenced to 13 years in prison…

LOS ANGELES (AP) – A former Los Angeles City Council member was sentenced Friday to 13 years in prison for a pay-to-play bribery scandal involving real estate development projects.

José Huizar, 55, was sentenced by U.S. District Judge John F. Walter, who also ordered him to pay $443,905 in restitution to the city and $38,792 to the IRS.

Prosecutors said in a sentencing memorandum that Huizar chose “to place his own lust for money and power above the rights and interests of the people he was elected to serve.”

Huizar pleaded guilty a year ago to racketeering conspiracy and tax evasion.

Prosecutors said that from 2013 to 2017, Huizar masterminded a $1.5 million scheme tied to the approval of downtown high-rise developments while he chaired the city´s powerful Planning and Land Use Management Committee.

Huizar was accused of giving favorable treatment in exchange for cash, casino gambling chips, luxury stays in Las Vegas, expensive meals, prostitution services, flights, concert and play online casino sports tickets, political contributions and funds to settle a sexual harassment lawsuit.

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Huizar must surrender to federal authorities by April 30.

His scheme was among a string of scandals that rocked the 15-member council in recent years.

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