The Business On... Mark Cuban, Owner, Dallas Mavericks
Thursday 23 September 2010
The NBA basketball team?
Indeed. Which is exactly the sort of plaything you might buy if you were made a dot.com billionaire overnight.
Dot.com billionaire? Thought they lost all their money?
Not if they happened to sell to a big sucker such as Yahoo at the height of the bubble. Mr Cuban, an entrepreneur and investor in Dallas, sold Broadcast.com, an online radio venture, for $5.7bn in 1999
Another case of a disastrous investment in sport?
No, no, no. Mr Cuban's ownership of the Mavericks has kept him in the limelight, he has plenty of money he keeps throwing into new ventures, and he is counted at No 400 on the Forbes list of global billionaires.
But is he happy?
Loving the celebrity life. He was even on Dancing With the Stars, a US Strictly Come Dancing. He just has a few anger management issues to sort out. He keeps shouting at basketball officials, rival teams, even players' mothers. He's been fined $1.6m for it so far.
What's he in the news for?
A little spot of difficulty with the authorities and an insider trading allegation that won't go away.
Mr Cuban had a 6 per cent stake in an internet search company called Mamma.com when the chief executive told him, in 2004, that it was about to do a fundraising that would dilute shareholders. He sold his stake before the announcement, saving what would have been a $750,000 loss when the shares fell.
Open and shut?
Actually, the Securities & Exchange Commission's charges were dismissed by a judge last year, who agreed that, since Mr Cuban hadn't promised to keep the conversation secret, it wasn't insider trading. He accused the SEC of pursuing a vendetta.
So, why are we still talking about this?
An appeals court reinstated the case, so Mr Cuban will have to defend himself again. His NBA punishments could pale in comparison if he fails.
- 2 Caitlyn Jenner car crash: Driver who died in collision sued by surviving passengers for $18.5m
- 3 Watch the Supermoon live: How to see the brightest Moon of the year tonight
- 4 Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
Caitlyn Jenner car crash: Driver who died in collision sued by surviving passengers for $18.5m
Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
Watch the Supermoon live: How to see the brightest Moon of the year tonight
Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Stock up on canned food for stock market crash, warns former Gordon Brown adviser
£20000 - £30000 per annum: Recruitment Genius: An Internal Recruiter (manufact...
£50000 - £55000 per annum + 25 days holidays & benefits: Ashdown Group: HR Man...
£40000 - £48000 per annum: Recruitment Genius: This software company specialis...
£28000 - £35000 per annum + Benefits: Ashdown Group: A successful organisation...