Mark Cuban does not intend to make his role in “Sharknado 3” into a reality.
The surprising news broke on Tuesday that the longtime Dallas Mavericks owner Cuban will be selling a majority stake in the team to the billionaire Adelson family.
The stake is reportedly valued at $3.5B, but Cuban will be retaining minority shares in the Mavericks as well as continuing as their head of basketball operations in what is a very interesting arrangement.
Cuban’s decision to sell sparked a widespread theory about his future plans — that he intends to run for president of the United States. The 65-year-old businessman had also announced earlier in the week that he plans to leave the popular TV show “Shark Tank” after its 16th season.
In an email to CNBC on Wednesday, Cuban answered the question of whether he plans to run for the Oval Office amid his big life changes.
“No plans to run,” said Cuban.
CNBC also notes that Cuban had said last July that his family “would disown me” if he decided to launch a campaign for the presidency.
Indeed, Cuban’s primary motivation in selling the majority stake in the Mavs appears to be a desire to get into the gambling business. Miriam Adelson, the widow of the late Sheldon Adelson, is the owner of the Las Vegas Sands and still acts as a major player in the casino industry.
Mike Vorkunov of The Athletic reports that the potential for arena development as well as the potential for launching casino gaming and entertainment in Dallas were appealing considerations in Cuban’s decision to sell.
Patrick Dumont, Miriam Adelson’s son-in-law and the president/COO of Las Vegas Sands Corp., is expected to hold the family’s foremost role in its ownership of the Mavs (per veteran NBA reporter Marc Stein).
In any case though, Cuban, who has flirted with presidential bids in the past, seems to be motivated more so by the business opportunity here rather than by his own political ambitions.
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