So how did he do it? Let’s take a closer look at how Cuban turned Mavs into a business by NOT focusing on business.
How Mark Cuban Got Rich Enough To Buy The Mavericks
Cuban worked hard for his fortune. According to Investopedia, Cuban’s first major business venture was a bar he bought as a student at Indiana University. He then set up an IT business that he would later sell for $ 6 million, which led to early retirement.
Cuban’s retirement ended when he revolutionized the way fans could access games outside the market. He launched a site that would later become Broadcast.com with radio broadcasts from all the major sporting events. He sold the site to Yahoo for $ 5.6 billion. He then used this capital to buy the Mavs.
Mark Cuban’s approach to owning the Mavs
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Cuban has been in the NBA for so long that he can just as easily be considered one of the league’s oldest statesmen among his owners. However, there was a time when Cuban represented the “new kid on the block”. He took control of a dying Mavs franchise that hadn’t been relevant in years.
Cuban knocked down the Mavs focusing on the product on the pitch. First of all, he improved the team’s equipment in the locker rooms and training rooms. His goal was simple: to make Dallas a place where NBA players would want to play. Rather than adopting the egalitarian owner approach that preceded him, he has actively tried to meet the needs of the players.
Ultimately, the Mavs attracted a lot of talent. They experienced a renaissance in the early 2000s behind Dirk Nowitzki. They had become one of the best teams in the league, competing in two NBA Finals, winning one.
How Not Focusing On Business Has Helped The Mavs Business
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So what was Cuban’s state of mind as he turned the laughing stock Mavs into an eternal contender? Cuban conducted an interview with GQ where he answered questions from random people on the internet.
One of them asked how he had transformed the Mavs “from a business point of view”. Cuban’s response? He wasn’t focusing on business. He said he only focused on basketball and turning the Mavs into a great team. Cuban claimed that until recently the team had actually lost money.
Cuban also explained how he doesn’t “sell” basketball per se, but actually the experience of watching an NBA game. He pointed out that when the Mavs won the championship, it ignited the whole city of Dallas, creating an era of good feelings.
Fostering this kind of environment makes every NBA team unique – and that’s why the most successful teams tend to be the most successful from a business perspective.
How much are Mavs worth today?
According to Forbes, Cuban bought the Mavs for $ 280 million in 2000. Now? The team is worth $ 2.4 billion. While the team hasn’t won a playoff series for almost a decade, there’s no denying that Cuban has been a successful owner.
The team is worth a lot more today than it was when he bought the team. They’ve won an NBA title, which only the best of the best can do.
The Mavs may not be contenders at the moment – although with Luka Doncic and Kristaps Porzingis it is only a matter of time before they join elite NBA teams. Regardless of their recent lack of success in the playoffs, Cuban’s success as an owner (as well as his success in building his personal brand) are unquestionably great achievements.