Cuban has sold the Mavs to Adelson-Dumont Family

[F Gump]

I did understand that all minority owners sold out in this deal. What’s confusing to me is you said Cuban sold 75% of his shares to the A’s and then calculate the amount he should have received based on the valuation of the team. Cuban had somewhere around 85% shares as I read somewhere. If he sells 75% of those he would only have 10% left. Since it’s reported that he retained 25%, that, to me means he sold less than 75% to the A’s. Where am I wrong?

Maybe I just worded it poorly.

THE BIG PICTURE FACTS

Using your numbers, before the sale, The Mavs Franchise (inclusive) was previously owned by Cuban (85%) and others (15%), and 0% by Adelson.

75% of The Mavs Franchise (inclusive) will now be owned by Adelson. 25% of The Mavs Franchise (inclusive) will now be owned by Cuban. 0% of The Mavs Franchise (inclusive) will now be owned by others.

The A's would have paid a total of $2.625B (75% of $3.5B) for what they bought.

THE DETAILS OF HOW THEY GOT THERE? SOME FACTS, SOME GUESSES, SOME UNKNOWNS

If Cuban owned 85% and others owned 15%, then we know that ultimately Cuban sold 60 (of his 85) and the others sold their 15.

To get to that end result, the minority owners sold all of their shares. Did they sell to Cuban or to Adelson as part of a separate transaction? I doubt it, as none of the 3 parties would have been fully protected if the rest of the deal didn't close. But that niggling point is not specifically addressed.

My educated guess -- It was a transactional closing in which a huge hunk of the Mavs were being sold, Adelson paid a huge amount of money, and then both Cuban and the minority owners received their designated share from the closing. (Whether they both received the same price per share, who knows?) And then "summary" numbers are leaked.