Mavericks Hire Rick Welts as New CEO

[SleepingHero]

https://x.com/dallasmavs/status/1869439167937306644

[SleepingHero]

Brad Townsend (@townbrad)
Welts has close relationships with Mavs GM Nico Harrison, Jason Kidd and of course Klay Thompson.

Welts and Kidd were in the 2018 @Hoophall class, which included fellow friends Steve Nash and Grant Hill.

"That was an all-time class," Welts told me. "It was definitely like,

[SleepingHero]

https://x.com/cclark_13/status/1869443321774412184

@cclark_13
Mavericks are introducing new CEO Rick Welts.

“It’s a great day for the Dallas Mavericks,” Patrick Dumont says.

[SleepingHero]

Brad Townsend (@townbrad)
Dumont, smiling, on how he got 71-year-old Welts to come out of basketball executive retirement: “I can be very convincing when I need to be.”

Brad Townsend (@townbrad)
Welts says his first face-to-face meeting with Dumont in Las Vegas lasted about 6 hours.

“Not once did he look at his phone,” Welts said. “I don’t think I’ve ever seen anyone (in modern times) do that.”

[SleepingHero]

Mike Curtis (@MikeACurtis2)
Welts: "I just got to say hello to my friend Klay Thompson, who I followed here."

[SleepingHero]

From Welts wiki page:

He worked for the Seattle SuperSonics from 1969 to 1979 in various capacities, from an initial stint as a ballboy to director of public relations when the SuperSonics won their (to date) only NBA Championship in 1979.

Welts later worked at the NBA's league offices from 1982 to 1999, eventually rising to the positions of executive vice president, chief marketing officer and president of NBA Properties. During this time, he was credited with the creation of the NBA All-Star Weekend concept in 1984 and, as the agent for USA Basketball, the marketing campaign for the 1992 Barcelona Olympics "Dream Team."

Welts served as the president and chief executive officer of the Phoenix Suns from July 2002 until September 9, 2011. On September 9, 2011, Welts announced he was resigning his position with the Suns in order to relocate to northern California and live with his new partner there. A few weeks later, Welts signed on as team president for the Warriors. During his tenure, his leadership would help turn the Warriors into a perennial contender, winning three out of five championships from 2015 to 2019. On March 31, 2018, it was announced Welts would be inducted into the Naismith Basketball Hall of Fame.

[Mavs2021]

From Welts wiki page:

He worked for the Seattle SuperSonics from 1969 to 1979 in various capacities, from an initial stint as a ballboy to director of public relations when the SuperSonics won their (to date) only NBA Championship in 1979.

Welts later worked at the NBA's league offices from 1982 to 1999, eventually rising to the positions of executive vice president, chief marketing officer and president of NBA Properties. During this time, he was credited with the creation of the NBA All-Star Weekend concept in 1984 and, as the agent for USA Basketball, the marketing campaign for the 1992 Barcelona Olympics "Dream Team."

Welts served as the president and chief executive officer of the Phoenix Suns from July 2002 until September 9, 2011. On September 9, 2011, Welts announced he was resigning his position with the Suns in order to relocate to northern California and live with his new partner there. A few weeks later, Welts signed on as team president for the Warriors. During his tenure, his leadership would help turn the Warriors into a perennial contender, winning three out of five championships from 2015 to 2019. On March 31, 2018, it was announced Welts would be inducted into the Naismith Basketball Hall of Fame.

So the plan is to buy the Thunder, re-locate them to Seattle, trade SGA, Williams, Holmgren and Caruso to Dallas and then sign Curry and Luka´s son.

[HoosierDaddyKid]

So the plan is to buy the Thunder, re-locate them to Seattle, trade SGA, Williams, Holmgren and Caruso to Dallas and then sign Curry and Luka´s son.

Huh!!??!!

[Chicagojk]

Looks like another professional in the room. I wonder if we will ever see bitter Cuban? I thought I saw an interview with him recently talking more like a "we" than "them" in talking about the recent good moves. I just wonder if the longer we get, the more Cuban tries to change the narrative. Maybe we even get, the Mavs have escorted Cuban from his seat near the bench. Ha ha.

I like Cuban. I really do. I was just done with him being able to ever build a championship contender. I mean the last few years was a clown show. Haralabob, Donnie Nelson thing, the sexual harrassment stuff. There were so many other things both on and off the court. It still boggles my mind that the organization never had a draft board. I mean the most surprising thing from the Luka draft may not have been PHX, SAC and ATL all passing on Luka, but that the Mavs actually got that move right. It seems like everything else they did over that time as coming up wrong.

[KillerLeft]

Looks like another professional in the room.  I wonder if we will ever see bitter Cuban?  I thought I saw an interview with him recently talking more like a "we" than "them" in talking about the recent good moves.  I just wonder if the longer we get, the more Cuban tries to change the narrative.  Maybe we even get, the Mavs have escorted Cuban from his seat near the bench.  Ha ha. 

I like Cuban.  I really do.  I was just done with him being able to ever build a championship contender.  I mean the last few years was a clown show.  Haralabob, Donnie Nelson thing, the sexual harrassment stuff.  There were so many other things both on and off the court.  It still boggles my mind that the organization never had a draft board.  I mean the most surprising thing from the Luka draft may not have been PHX, SAC and ATL all passing on Luka, but that the Mavs actually got that move right.  It seems like everything else they did over that time as coming up wrong.

I'm with you on all this, and I'd be pretty surprised if he's not a little salty about this whole thing already. The whole "Kidd and Harrison will still report to me" thing didn't even last for the rest of the initial season, and honestly, every day since he sold majority stake has demonstrated that he has been holding the franchise back for a while (despite being very good for it during his first decade).

[michaeltex]

I'm glad to see new blood (new to DAL anyway) running the team. I was a little worried when Cuban got firmly pushed aside for any team governance in favor of Dumont, who is a total outsider. But if he's smart enough to put the right management team in place, then I think we can all take a breath.

Based on nothing whatsoever, I feel like Cuban, post-2011 trophy, was all about managing cash flow. Even prior to 2011, he was playing salary games, Nash being a case in point. I also remember Cuban talking about how deep playoff runs actually made the team run in the red, financially. Once he felt vindicated with a championship, he was not as motivated to put a contender on the court. If not for loyalty to Dirk, I think he would have taken it down to the studs for a low cost rebuild.

[KillerLeft]

I'm glad to see new blood (new to DAL anyway) running the team. I was a little worried when Cuban got firmly pushed aside for any team governance in favor of Dumont, who is a total outsider. But if he's smart enough to put the right management team in place, then I think we can all take a breath.

Based on nothing whatsoever, I feel like Cuban, post-2011 trophy, was all about managing cash flow. Even prior to 2011, he was playing salary games, Nash being a case in point. I also remember Cuban talking about how deep playoff runs actually made the team run in the red, financially. Once he felt vindicated with a championship, he was not as motivated to put a contender on the court. If not for loyalty to Dirk, I think he would have taken it down to the studs for a low cost rebuild.

Agreed on all counts, and I think you've especially hit the nail on the head with the emboldened sentence, which seems to be exactly what he's doing. Part of that equation is Harrison, and full credit to Cuban for that hire, but Dumont quickly pushing Marshall out and replacing her with a guy who seems to be kind of a big deal in the basketball executive world leads me to believe he'd have no trouble making a similar move at GM if necessary. 

It might be completely baseless, because what do REALLY know at the end of the day that isn't dependent on results, but I for one feel like the franchise is in better hands than it has been for quite some time.

[F Gump]

I'm with you on all this, and I'd be pretty surprised if he's not a little salty about this whole thing already. The whole "Kidd and Harrison will still report to me" thing didn't even last for the rest of the initial season, and honestly, every day since he sold majority stake has demonstrated that he has been holding the franchise back for a while (despite being very good for it during his first decade).

Let's remember that the idea that Cuban would still be in control for as long as he wanted was never anything the Adelson-Dumont group stated. That is to say, I don't think their plan ever truly changed.

The fact that it was a mid-season sale made sense that they ride out the existing management for the remainder of that season. But the idea that a family would spend $4B or so for a company without having operational control never made any sense whatsoever, and from the outset it felt to me like Cuban was just being Cuban, making things up to try to make himself look better. The truth has always taken a back seat to his ego. (I also think that Cuban's stated rationale for the sale was highly fictitious, with just a small portion of truth included to try to mask the extensive fairytale portion.)

[SleepingHero]

The truth has always taken a back seat to his ego. (I also think that Cuban's stated rationale for the sale was highly fictitious, with just a small portion of truth included to try to mask the extensive fairytale portion.)

Interesting. To your best guess, what do you think the real rationale for the sale was, given that Cuban was protecting his ego. Lack of funds?

[F Gump]

Interesting. To your best guess, what do you think the real rationale for the sale was, given that Cuban was protecting his ego. Lack of funds?

Yes. Reading between the lines of the sale price, there was a mass of ongoing accumulated debt (which lowered the value of the franchise), and with elevated interest rates and more and more elevated payroll looming, it was going to get worse and worse. Mr Big Money had gotten in way over his head despite being a billionaire.

I don't think Adelson-Dumont really need him in their casino and real estate agenda for Dallas, and suspect his statements about his future involvement on that front were also exaggerated significantly, because he didn't want anyone looking too close at why the franchise was valued so low and why he was bailing out just as Luka Era was taking off (rather than letting it peak at a much higher value).

He's now a minority owner. That's all. (And that likely has a limited shelf life too). As such, he's just a behind the scenes guy with no real influence, just like all the minority/limited partners for other teams you never heard of. The NBA called him out already on sitting in places where the real owner has seating rights if they want to use them, and perhaps the media will eventually catch up.

[KillerLeft]

Yes. Reading between the lines of the sale price, there was a mass of ongoing accumulated debt (which lowered the value of the franchise), and with elevated interest rates and more and more elevated payroll looming, it was going to get worse and worse. Mr Big Money had gotten in way over his head despite being a billionaire.

I don't think Adelson-Dumont really need him in their casino and real estate agenda for Dallas, and suspect his statements about his future involvement on that front were also exaggerated significantly, because he didn't want anyone looking too close at why the franchise was valued so low and why he was bailing out just as Luka Era was taking off (rather than letting it peak at a much higher value).

He's now a minority owner. That's all. (And that likely has a limited shelf life too). As such, he's just a behind the scenes guy with no real influence, just like all the minority/limited partners for other teams you never heard of. The NBA called him out already on sitting in places where the real owner has seating rights if they want to use them, and perhaps the media will eventually catch up.

I agree with all of this. I do. 

But, I also agree with what Cuban has been saying, that the secret to running an NBA franchise that can spend like a big market team is to generate other sources of revenue and not just wait for the next TV deal. He might be (and probably is) saying it as means to mask his retreat, as you suggest, but I think it IS going to benefit the team to have this new governor, and not only because of the family's deeper pockets (although that, too).

[Knutsen]

I heard a podcast that this is all about building the best arena basketball has ever seen - Welts was the driving force behind the Chase Center, which is supposed to be pretty special.

[khaled1987]

I heard a podcast that this is all about building the best arena basketball has ever seen - Welts was the driving force behind the Chase Center, which is supposed to be pretty special.

That would make sense, because honestly I can't get myself excited about getting a CEO who is in his 70's. Maybe he is the Jerry West of CEO, but that is very unlikely.

[khaled1987]

He's now a minority owner. That's all. (And that likely has a limited shelf life too). As such, he's just a behind the scenes guy with no real influence, just like all the minority/limited partners for other teams you never heard of. The NBA called him out already on sitting in places where the real owner has seating rights if they want to use them, and perhaps the media will eventually catch up.

Isn't 25% is the needed amount for Veto power in ownership?  Cuban owns 27%. 

No one will have that amount and be completely out of the loop, there are NBA governers who owns less percentage. 

I think the right word is that he doesn't have control, but there is no way that he has no influence in the organisation.

[F Gump]

Isn't 25% is the needed amount for Veto power in ownership?  Cuban owns 27%. 

No one will have that amount and be completely out of the loop, there are NBA governers who owns less percentage. 

I think the right word is that he doesn't have control, but there is no way that he has no influence in the organisation.

"Isn't 25% is the needed amount for Veto power in ownership?" ... A business's minority owner is likely to have some legal protections contractually that prevent specific types of actions (such as a decision by the majority owner to void out the minority owner's share, change terms of ownership docs, and so on). In the NBA, the day-to-day running of the team is by the governor. Not Cuban.

"there are NBA governers who owns less percentage [than Cuban]" ... Not sure that's true, but yes, a governor could be a minority owner, provided he has majority (or contractual) support in assuming that role. Not that that's relevant in this case, because from the day Cuban sold the team and the NBA sale was approved -- and in direct contradiction to his statements -- he NEVER was the Mavs' NBA governor anymore.

Does he have influence? Probably far less than you think. Dumont-Adelson are now the owners and have no obligation to ask (much less follow) his opinion on anything, any more than Cuban had to take input from Perot and other minority owners. I figure their consults are with Cynt/Welts, Nico, and Kidd as they feel need. In what area is he really an expert whose advice they would need?