More than 20 years after he first bought a majority stake in the Dallas Mavericks, Mark Cuban may be stepping back from his team.

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The last two decades have seen Cuban’s involvement with his team differ immensely from most prominent NBA owners. Rather than enjoy his investment from a distance, watching games from a skybox and keeping a few degrees of separation, Cuban’s spent the last 23 years set up directly behind his team — cheering them on, providing support, and serving as a permanent presence in their slow rise from those dreary pre-2000 days.

Cuban loves the Mavericks, so when rumors cropped up of his intent to sell the team, people were shocked. He’s held onto them for more than two decades, why would he ditch them now? Those rumors aren’t quite what they seem from the outside, but Cuban’s relationship with the Dallas Mavericks did change in late 2023.

Mark Cuban and the Dallas Mavericks

Cuban first purchased a majority stake the NBA’s Dallas Mavericks in 2000 for a whopping $285 million. He sold most, but not all, of that stake just over 23 years later, in 2023, for an amount estimated near $3.5 billion. He made the sale to the Las Vegas Sands Corp, a business run by a pair of families with “strong ties to the hotel and casino industry,” according to NBC News.

Cuban chose to sell most, but not all, of his stake in late December of 2023, but retains a 27% stake in the team. This allows him to maintain control over basketball operations, while the Las Vegas Sands Corp will take over the remainder of duties. The purchase will not see the Mavericks depart Dallas for Vegas, according to Cuban, but instead will hopefully see the team thrive with fresh income potential backed by the lucrative corporation.

Cuban will continue to maintain control over the core operations of the team, including hiring and firing of coaches and signing of free agents. Meanwhile, the Las Vegas Sands Corp will focus on keeping the team profitable, allowing it to maintain its position and even rise in the rankings.