Mark Cuban Takes Dallas Mavericks Owner to Court

Who could’ve guessed that selling a basketball team would change who’s in charge? Apparently not Mark Cuban.

After hinting at his regret over selling the Dallas Mavericks to Las Vegas Sands on a podcast in March, the billionaire businessman isn’t just going public with his concerns about the team’s new ownership–he’s taking them to court.

Cuban, who sold his majority stake in the team to Miriam Adelson’s casino company in 2023, claims in a new court filing that he was shut out of decisions about the team’s new arena, the Dallas Morning News reported. He’s asking the court to grant him the right to review the contract to buy the Valley View Mall site, which the team confirmed plans to purchase earlier this summer.

Cuban pointed to a verbal agreement with Sands that he’d continue to oversee team operations while Sands would pursue development of a casino arena. Such a development is still contingent on Texas legalizing casino gambling, a legislative white whale for Cuban and Sands despite millions spent lobbying and on campaign donations for the better part of a decade.

The filing cites the Mavericks’ trade of Luka Dončić as the nail in the coffin for Cuban’s relationship with Sands. He claims he didn’t learn about the wildly unpopular trade until it was too late to object.

Former team president Frank Zaccanelli, whom The Dallas Morning News quoted in its coverage of the filing, didn’t have a lot of sympathy for Cuban: “The bottom line is this: Mark sold majority ownership and control in the team.”

S2 headlines Texas CRE distress

Distress at Scott Everett’s S2 Capital, which announced the dissolution of its $400 million first fund in a July 1 letter, is behind one-third of the value of the CRE loans flagged for foreclosure this month in Texas. Loans flagged for foreclosure in July totalled $913 million, according to Roddy’s Foreclosure Listing Service.

S2’s troubled loans make up $311 million of that sum. The troubled loans are tied to five North Texas apartment complexes. Computershare Trust, Benefit Street Partners, Citibank and U.S. Bank Trust provided the financing for the purchases.

DFW headquarters dig in

Two global companies headquartered in North Texas have plans to upgrade their digs. Construction company Caterpillar is currently located at the Towers at Williams Square. It’s planning to expand its headquarters to 901 West Walnut Hill Lane, also located in Irving. The company is expected to spend $36 million renovating the property. Caterpillar purchased the property from office furniture company Vari last year.

Beauty product supplier Naterra International is shifting its headquarters down the road in Coppell. The new facility, set to be built at 1525 Point West Boulevard, will span 442,000 square feet, and is targeting December 2027 as a completion date. The total cost for the combination office space and warehouse appears to be $34 million.

Toyota commits to San Antonio

San Antonio, home to a Toyota manufacturing campus, has been courting the company in its search to expand its manufacturing facilities. The city and county promised $178 million in incentives, and Toyota finally said yes. The car company has plans to double its presence in San Antonio by 2030 with a $3.6 billion investment.

The expansion will add a second vehicle assembly line to produce the Tacoma pickup truck. The new facility is set to span 2.5 million square feet, and will likely be set on Toyota’s 2,000 acres that used to be ranch land, according to the San Antonio Business Journal. With the expansion, Toyota’s team will grow to around 6,000 employees,