Former Mavericks majority owner Mark Cuban was asked by Shannon Sharpe about what advice he would give players in the NBA on investments. He told players who earn big money to hire an advisor who isn't their friend. Cuban added that players shouldn't invest in restaurants, clothing labels, liquor companies, or rap music, as they are industries that do not guarantee success.
“If I’m just a two-way player? I’m living like a student. Because you don’t know how long it’s going to last… I tell guys all the time; save your money. One broken ankle and it’s over. If I’m somebody making $40-60 million, then I’m hiring somebody that knows what they’re doing, but it ain’t going to be one of my friends."
"Your friend wants to be your friend. My money guy needs to make me money… Don’t invest in a restaurant, don’t invest in a clothing label, don’t invest in a liquor company, or music. That is the death. In the early 2000s… Everybody was either going to be a rapper, or have a label and sign rappers because that’s what was going on."
"Do you know one athlete’s label that’s done any good? Clothing companies? It’s hard. Those businesses are hard because there are no barriers to entry… It’s not that easy.”
Mark Cuban certainly has a lot of experience as a businessman, considering he built a billion-dollar empire for himself, so his advice could be valuable to young NBA players who are coming to big money deals over the last few years.
While they might not agree with some of his opinions, Cuban does know what he is talking about, especially considering his investment prowess landed him the role of one of the sharks on the hit television show Shark Tank. While his opinions may not be 100% correct, he has experienced more success than failure in his career.
Mark Cuban Found Great Success As Mavericks Owner
Mark Cuban owned the Dallas Mavericks for nearly 24 years, from 2000 when he bought the franchise for $285 million, till December of 2023 when he sold his majority share for $3.5 billion. Cuban, being the savvy businessman that he is, negotiated that along with a 27% minority ownership stake, he remain in charge of basketball operations.
In the near-20 years that he was the majority owner of the Mavericks, he helped the franchise reach two NBA Finals, and win the NBA championship in 2011. On top of that, the franchise also saw the rise of Dirk Nowitzki , who will be remembered by many as the greatest player in the history of the franchise.
Cuban ran the Mavericks very well. In fact, in the same interview, he revealed that he made several of his employees millionaires, and paid Mavericks staff members over $35 million in bonuses during his tenure as majority owner.
Now no longer the majority owner, Cuban still remains a big fan of the Mavericks, and obviously has a position of power in the franchise. Cuban will be part of the Mavericks franchise for a long time and will have a great deal of influence in the decisions made, on and off the court.
Related: Mark Cuban Says Steve Nash Didn't Like Him For A Long Time After Mavericks' Exit
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