Kori Ellis
08-18-2005, 12:40 AM
Friend of Cuban buys a stake in Mavericks
Business partner says minority share puts him in supporting role
12:13 AM CDT on Thursday, August 18, 2005
By CHUCK CARLTON / The Dallas Morning News
http://www.dallasnews.com/sharedcontent/dws/spt/basketball/mavs/stories/081805dnspomavsbriefs.180d70a5.html
The long business partnership between Mark Cuban and Todd Wagner now includes basketball.
Wagner has purchased a minority stake in the Mavericks.
Cuban remains the primary owner, decision-maker and face of the franchise.
"Mark runs the Mavs. I'm just there as a friend," Wagner said. "This is more support for what Mark has done. In five short years, I think it's nothing short of amazing what he's accomplished for the franchise."
Wagner, 44, declined to disclose his ownership percentage, although he described it as a "small stake."
At one time, Wagner and Cuban looked at buying several pro franchises. During the 2002-03 season, Wagner briefly explored buying the Stars from Tom Hicks.
The association between Cuban and Wagner goes back 20 years. The familiarity was reflected in Cuban's e-mail reply when asked about the Mavericks.
"Todd and I are partners in every other business," Cuban wrote. "It didn't seem right we weren't in the Mavs together. As far as his role, his seats are midcourt. So his primary job is to grab me if I ever make it that far."
The two founded AudioNet in 1995 as a way to listen to Indiana University basketball games and sold the company (renamed Broadcast.com) to Yahoo! in 1999 for $5.7 billion.
Cuban and Wagner already own a variety of media and entertainment companies.
Wagner has become a regular at Mavericks games.
"It's not day-to-day involvement," Wagner said. "Nothing changes. I'm basically going to be there and have the fun of being around it a little more."
Accepting blame: In a candid, 1,235-word posting on his blog, Mavericks owner Mark Cuban took the blame for the free spending that led to the waiving of Michael Finley.
Cuban wrote that he had been too optimistic.
"I wanted to believe that the next deal was the one that was the difference-maker," Cuban wrote. "I found ways to rationalize the business side and how I would only be losing a few more dollars and that if it made the difference it was worth it. I enabled a culture where we always thought that if we had assets to trade we could fix a mistake.
"I was wrong."
Repeating remarks he made Tuesday, Cuban said the Mavericks would adjust to the changing economic climate in the NBA.
The Mavericks no longer intend to stockpile talent just to trade it for potentially better talent, according to Cuban. Instead, the team wants to develop young players while leaving room for key acquisitions. He said coach Avery Johnson and director of basketball operations Donnie Nelson are putting together a program for player evaluation.
Briefly: The Mavericks remain leading contenders for free agent center DaSagana Diop, in part because they can offer about $2 million from their mid-level exception. Most teams are offering just the $1.67 million biannual exception. ... Swingman Doug Christie, 35, is expected to sign a one-year, $3 million deal soon after clearing waivers today. Christie was waived by Orlando last week under the luxury-tax amnesty clause.
Business partner says minority share puts him in supporting role
12:13 AM CDT on Thursday, August 18, 2005
By CHUCK CARLTON / The Dallas Morning News
http://www.dallasnews.com/sharedcontent/dws/spt/basketball/mavs/stories/081805dnspomavsbriefs.180d70a5.html
The long business partnership between Mark Cuban and Todd Wagner now includes basketball.
Wagner has purchased a minority stake in the Mavericks.
Cuban remains the primary owner, decision-maker and face of the franchise.
"Mark runs the Mavs. I'm just there as a friend," Wagner said. "This is more support for what Mark has done. In five short years, I think it's nothing short of amazing what he's accomplished for the franchise."
Wagner, 44, declined to disclose his ownership percentage, although he described it as a "small stake."
At one time, Wagner and Cuban looked at buying several pro franchises. During the 2002-03 season, Wagner briefly explored buying the Stars from Tom Hicks.
The association between Cuban and Wagner goes back 20 years. The familiarity was reflected in Cuban's e-mail reply when asked about the Mavericks.
"Todd and I are partners in every other business," Cuban wrote. "It didn't seem right we weren't in the Mavs together. As far as his role, his seats are midcourt. So his primary job is to grab me if I ever make it that far."
The two founded AudioNet in 1995 as a way to listen to Indiana University basketball games and sold the company (renamed Broadcast.com) to Yahoo! in 1999 for $5.7 billion.
Cuban and Wagner already own a variety of media and entertainment companies.
Wagner has become a regular at Mavericks games.
"It's not day-to-day involvement," Wagner said. "Nothing changes. I'm basically going to be there and have the fun of being around it a little more."
Accepting blame: In a candid, 1,235-word posting on his blog, Mavericks owner Mark Cuban took the blame for the free spending that led to the waiving of Michael Finley.
Cuban wrote that he had been too optimistic.
"I wanted to believe that the next deal was the one that was the difference-maker," Cuban wrote. "I found ways to rationalize the business side and how I would only be losing a few more dollars and that if it made the difference it was worth it. I enabled a culture where we always thought that if we had assets to trade we could fix a mistake.
"I was wrong."
Repeating remarks he made Tuesday, Cuban said the Mavericks would adjust to the changing economic climate in the NBA.
The Mavericks no longer intend to stockpile talent just to trade it for potentially better talent, according to Cuban. Instead, the team wants to develop young players while leaving room for key acquisitions. He said coach Avery Johnson and director of basketball operations Donnie Nelson are putting together a program for player evaluation.
Briefly: The Mavericks remain leading contenders for free agent center DaSagana Diop, in part because they can offer about $2 million from their mid-level exception. Most teams are offering just the $1.67 million biannual exception. ... Swingman Doug Christie, 35, is expected to sign a one-year, $3 million deal soon after clearing waivers today. Christie was waived by Orlando last week under the luxury-tax amnesty clause.