Cuban owns bigger piece of the Mavs pie
Associated Press

DALLAS — Dallas-based media company Belo Corp. has sold its minority stake in the Dallas Mavericks and their new downtown arena to team owner Mark Cuban.

Belo said Wednesday it would receive $27 million for its 12.38 percent share of the National Basketball Association team and its 6.19 percent stake in the American Airlines Center, where the Mavericks and Dallas Stars play.

Belo, which owns The Dallas Morning News as well as other newspapers and more than a dozen television stations, announced in July 1999 that it had paid $24.5 million to become part-owner of the Mavericks.

The company also withdrew the lawsuit it filed against Cuban. The company had alleged that Cuban reneged on an agreement to purchase the Belo stake under the same financial terms offered to former Mavericks owner Ross Perot Jr.

“We did realize a gain on the sale, and we’re satisfied we were able to reach closure and move on,” said Guy Kerr, Belo’s senior vice president, general counsel and secretary.
Cuban said in an e-mail to The Associated Press on Thursday that he didn’t want to comment on the deal.

As part of the deal, Cuban and Belo signed a comprehensive marketing agreement that commits Cuban and the Mavericks to increase their advertising in Belo-owned properties in Dallas.

Kerr wouldn’t disclose the amount of the spending. Cuban can satisfy his commitment with advertising from his businesses other than the Mavericks, he said.

Cuban bought the Mavericks from Perot in January 2000 in a transaction that valued the team at $280 million. At that price, the value of Belo’s stake increased to $34.7 million.
In its lawsuit, Belo said Cuban asked the company to take less than full price.

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